The Daily Caller

The Daily Caller
DENVER, CO - APRIL 20:  Fast Eddy Aki DENVER, CO - APRIL 20: Fast Eddy Aki'a of Hawaii smokes a joint as thousands gathered to celebrate the state's medicinal marijuana laws and collectively light up at 4:20 p.m. in Civic Center Park April 20, 2012 in Denver, Colorado. Colorado goes to the polls November 6 to vote on a controversial ballot initiative that would permit possession of up to an ounce of marijuana for those 21 and older. (Photo by Marc Piscotty/Getty Images)  

Legislation To Set Up ‘Pot Banks’ Passes In Colorado

A new banking system to deal with profits related to recreational marijuana in Colorado has been approved. KAIT reports Gov. John Hickenlooper signed legislation to try and establish the banking system on Friday.

The goal of the law is to set up a system of uninsured cooperatives to provide basic banking services to establishments selling the weed.

Banks have been weary to take any money from recreational marijuana dispensaries out of fear of violating federal law, where marijuana is still listed as a Schedule I drug.

But the legislation will not move forward without the go-ahead from the U.S. Federal Reserve. Without the OK, the legislation may end up being only symbolic.