This left Colorado dispensaries between a rock and a hard place -- state law requires medical marijuana businesses to keep track of their transactions, but record keeping becomes much more difficult without banks working with them, the Daily Camera reported in October.
So legislators in Colorado are going to try to start their own bank to serve Medical Marijuana businesses!
Under the 10th Amendment States have the right to form their own banks, like the Bank of South Dakota, but to operate as a bank it must be FDIC insured. It will be an interesting State's rights fight for sure!.
More States should form State banks independent of the FED as a backup. Each state has an abundant asset, be it mineral, industrial, agricultural or just massive amounts of wealth, such as California public pension funds (CALPERS), that can be used to back the operation of the banks.
If States such as California had their own banks when the Wall Street gamblers screwed the pooch, we would have been able to keep right on trucking, making loans and doing business.
I say Fuck the Fed.
Support this PAC: Help End Marijuana Prohibition (HEMP) PAC