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Colorado lawmakers approve plan for pot banking

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Colorado lawmakers approved the first financial system for the marijuana industry Wednesday, a network of uninsured cooperatives designed to give pot businesses a way to access basic banking services. The plan seeks to move the marijuana industry away from its cash-only roots. Banks routinely reject pot businesses for even basic services such as checking accounts because they fear running afoul of federal law, which considers marijuana and its proceeds illegal. The result: Pot shop owners ...

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