Credit for Colorado Cannabis

By Richard Farrell

On May 3, 2014, MMJ signaled the possibility of Colorado agreeing that uninsured credit unions could act as banks for marijuana investors, but we were not sure if the Federal Reserve would go along with the proposal. Breaking news is that Colorado lawmakers have gone ahead and approved the idea.

According to the Associated Press, Democratic Gov. John Hickenlooper is ready to sign the bill although he may still refine its language, and assert his right to make line changes.

The primary objective is to move marijuana away from its current cash and carry profile. This will reduce the risk of robbery for retailers and clients alike. It will also create a transaction trail that will facilitate tax collection. At the same time, it will also liberate businesspeople from having to lie to banks in order to get their money into the system.

If signed, the bill will allow marijuana businesses to pool their cash in cooperatives and lend it to each other. However, the major benefits will not kick in unless the Federal Reserve allows marijuana investors to transact with credit cards and checks. This is going to need a change in banking culture.

Rolling Stone reports that some financial institutions have already begun to budge. Washington State’s Numerica Credit Union has started signing up selected pot farmers and retail outlets, while in Colorado some credit unions are quietly taking on pot business.

On a lighter note, NPR published a list of short marijuana job descriptions that are sure to go viral. A budtender serves customers the same way as a sommelier or bartender, while a marijuana journalist describes it without necessarily smoking the stuff.

More routine jobs include grow site owner, trimmer and medible producer. On the periphery are petitioners, flower-cure persons, and extraction technicians. Before you jump out of your computer, the latter extract oils for infusions not teeth.

420 Careers, a website for finding jobs in the marijuana industry, had three pages of ads when I last looked. This may seem insignificant, but it will make the owners rich if the U.S. marijuana industry grows by 64 percent in 2014 as predicted in High Times. Right now, the greatest demand for jobs is in Colorado, California, Washington and Arizona. This is where marijuana investors are chasing freshly baked opportunity.

Guest Contributor designates a writer who is guest publishing content with MJINews.

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