Colorado Marijuana Legalization Moves To The Next Level; Centennial State Approves Banking System For Cannabis Business Industry

Colorado's marijuana legalization is moving to the next level as the Centennial State's lawmakers have approved the world's first banking system for the marijuana industry on May 7.

Colorado' marijuana legalization have been established along with some US states and countries but the greater part of the world has yet to soften its stance on cannabis prohibition.

This fact alone has made it difficult to establish an efficient financial system for the marijuana industry, mainly due to fear of violating federal laws. Ultimately, it gives dispensary owners no other option other than cash-based transactions.

In turn, Colorado's marijuana shop owners are forced to handle large amounts of cash, which makes them open targets for criminals. This was one of the primary reasons why the state's legislative body has enacted the said banking system.

"This is our main problem: Financial services for marijuana businesses," Sen. David Balmer told The Associated Press. "We are trying to improvise and come up with something in Colorado to give marijuana business some opportunity, so they do not have to store large amounts of cash."

Dispensary owners and industry groups have voiced out their concerns about cash-related transactions. Some of them even came over to the Capitol to air out their concerns about paying the right taxes and the dangers of dealing in cash.

"It is very easy to see somebody get killed over this issue," said Marijuana Industry Group Director Michael Elliott.

Lawmakers also see the bank plan as an effective way to audit marijuana shops and prevent tax evasion.

In a statement released through a spokesperson, Democratic Gov. John Hickenlooper is in full support of the newly approved bill, and expects it to be signed as a law in the near future.

Colorado's marijuana legalization laws have served as a breakthrough for the world's cannabis industry. A number of banks like Numerica Credit Union in Eastern Washington have begun accepting marijuana clients. Other countries that have legalized its use have yet to implement a banking system, but until then it would be safe to say that money is indeed greener in Colorado.