Banking For Pot Shops Rejected In Colorado

Published February 15, 2012 1:54AM (EST)

DENVER (AP) — Medical marijuana is legal in 17 states, but the industry has a decidedly black-market aspect — it's mostly cash-only.

Colorado lawmakers considered a bill setting up a special cooperative banking institution.

But the first-of-its-kind measure was defeated Tuesday. Lawmakers from both parties worried that because marijuana is illegal under federal law, states can't step in to help dispensaries and growers store and borrow money.

By Salon Staff

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