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Colo. OKs World’s 1st Pot Banking System

Companies can legally pool money now.

Since Colorado legalized marijuana in January, pot businesses have struggled to get access to basic financial services like checking accounts. Traditional banks fear the feds will crack down on what is literally drug money. On Friday, weed businesses got major help. Gov. John Hickenlooper signed a bill into law approving the world’s first banking system for the pot industry. It will create a network of uninsured cooperatives where the companies can pool their money. As a result of banks’ reluctance, most businesses have had to work solely in cash, which made it much harder for the state to track, but also more dangerous for the businesses.