Cannabis credit co-ops interesting, but flawed

Concerned over the lack of access to banking services faced by Colorado’s new marijuana-related businesses (MRBs), a problem I chronicled in the last edition of this column, the Colorado Legislature has tried to craft a state-level remedy.

The Legislature’s attempt, found in House Bill 14-1398, is the creation of new entities called “cannabis credit co-ops.” Unfortunately for the businesses, the bulk of the problem this legislation tries to address must be solved at the federal level, and the bill reveals the Legislature’s recognition that its efforts may serve little purpose absent federal change.

Co-ops would be regulated by the state commissioner…