Colorado Senate OKs co-op banking option for marijuana sellers

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May 7 (Reuters) – The Colorado state Senate passed a bill on Wednesday to create the nation’s first state-run marijuana financial cooperative, with the ultimate aim of opening newly legalized cannabis retail outlets to key banking services through the Federal Reserve.

Issues surrounding banking has been a known hurdle for marijuana business owners in Colorado. However, things are looking up for these cannabis retailers who may now have a cooperative banking option.

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