By Kristen Wyatt
The nation’s first proposed state-backed investment bank for the marijuana business failed Tuesday after a fiery debate in the Colorado House.
Democrats and Republicans fell on both sides of the argument over starting a fund to legitimize investment in marijuana research. The proposed Colorado Investment Trust was promoted as a way to allow pot shops to borrow money and bank.
“This will legitimize this business, bring them into the light of day,” said Republican Rep. Tom Massey, the idea’s sponsor.
But opponents sided with another Republican who argued that because marijuana is federally illegal, and FDIC-insured banks won’t accept marijuana money, Colorado would be wading into perilous legal territory if it tried to oversee marijuana-funded business.
“There’s no way to get around this. … You can’t violate the federal law,” argued Republican Rep. Mark Barker, who argued against the trust fund. The fund would have been the nation’s first in which a state allowing medical marijuana also oversees business transactions rejected by federally chartered banks and investment firms.
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About Jay Smoker
I have been smoking marijuana for almost twenty years and I have no plans to stop anytime soon. My life was turned upside down in 2009 after getting arrested and tossed in jail for being in the wrong state with legal medical marijuana. I got fed up, and I now devote all my time to ending this insanity.I am responsible for the technical side of this project, but try to chip in when I can, either with syndicated articles or original content.Follow me on Facebook, Twitter, StumbleUpon, and Digg and feel free to email. any questions or concerns. Peace!