Federal banking official to meet with Colorado pot shops

April 9, 2015
Photo: Marijuana money (iStockphoto)
Marijuana and cash.

The Denver meeting was arranged by two Colorado congressmen who have tried unsuccessfully to pass laws expanding banking access for the pot industry. Also joining the closed-door meeting were Colorado bankers. It was thought to be the first meeting of a Federal Reserve president with pot businesses.

George listened to tales of pot-shop owners losing bank account after bank account because marijuana remains illegal under federal law. Federal authorities last year released banking guidelines for the pot business. But many banks consider the guidelines inadequate and still refuse pot clients.