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Polis unveils ‘Roadmap to Cannabis Banking and Financial Services’

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DENVER, Colo. (KRDO) -- Governor Polis is looking to help marijuana and hemp businesses bank in Colorado.

Polis' new plan would increase the number of banks and financial services allowed to work with these businesses. 

The issue is that marijuana is still illegal on the federal level, making for confusing banking regulations. Here in Colorado Springs, small businesses like The Treehouse are required to deal entirely in cash, which makes employees nervous. 

"I always feel uncomfortable when we go up [to Denver] to pay taxes with a backpack full of cash. That's the only way they'll allow us to do it," said James Harmon, a local grower. "It's dangerous, it can be heart-wrenching, it can be scary."

Harmon's fears are not unfounded; burglary is the most common crime at dispensaries.

Now, the governor calling his plan a "Roadmap to Cannabis Banking and Financial Services" stating in part:

"We are excited to release a bold, forward-thinking roadmap to provide much-needed guidance, clarity and support to state-chartered financial service providers that work with or are interested in working with the state-legal cannabis industry."

Local dispensary workers say this has been a long time coming. 

 Harmon says he appreciates the governor's stance and hopes other states will follow. 

"We all knew it would be a fight," he said. "I think that if Polis and other governors stand together and really push hard against these legislators we could get some answers, we can get some help."

Business / Lifestyle / State & Regional News

Kristen Skovira

Kristen is a reporter and an anchor for the weekend evening newscasts. You can learn more about Kristen here.

Comments

5 Comments

  1. It will take years, if not decades, to fix what the California democrats have done to Colorado!!

  2. Still federally illegal. So it can be a bank in Colorado but will have no insurance on the money. So if the bank gets robbed then the money is gone also. Can they do checks? Probably not because they have to go through the federal clearing house. FDIC.
    Be interesting to see how they intend to operate.

  3. It’s time the Federal Government came into the 21st Century. But right now too many people in Washington don’t understand the difference between marijuana and opioids and similar drugs, while they still embrace one of the worst habitual drugs of all time, alcohol. And it would take a President with a mind that’s open to change for the good of the country, rather than one who is concerned with his own well-being first.

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