October 25, 2014
DENVER (AP) - A Colorado plan to set up the world's first financial system for marijuana survived less than 24 hours before state lawmakers changed course and shelved the idea.
The proposal would have allowed state-licensed marijuana businesses to create a financial co-op, sort of an uninsured credit union.
The measure was introduced late Wednesday and cleared a House committee on Thursday. But a few hours later, another House committee gutted the plan by amending the bill to say that Colorado will continue studying the problem of marijuana businesses having a hard time accessing banking services.
Lawmakers from both parties expressed reservations about whether the financial-services plan would work.
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