ARVADA, Colo — Colorado officials launched a program they say will help the state’s legal marijuana industry gain access to more banking and financial services.
After years of waiting for federal clarity, Governor Jared Polis and the Colorado Department of Regulatory Agencies (DORA) unveiled Monday morning a plan they say will provide guidance for state-chartered banks that serve or seek to serve legal cannabis-related businesses.
The program, a ‘Roadmap to Cannabis Banking & Financial Services,’ aims to increase the number of financial service providers in Colorado who serve the state’s legal marijuana and industrial hemp industries, according to a DORA news release.
The roadmap’s seven primary areas of focus include providing clear regulatory guidance, encouraging new and emerging technologies in the banking and financial services space, reducing barriers while upholding consumer protection guardrails, and demonstrating state support for financial businesses wishing to explore cannabis banking, the release read.
Legislation that would provide federal protection for financial institutions that serve state-authorized marijuana and ancillary businesses passed the U.S. House last year and is currently awaiting action in the U.S. Senate.