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§ 11-33-102. Legislative declaration

CO Rev Stat § 11-33-102 (2018) (N/A)
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(1) The general assembly hereby:

(a) Finds that:

(I) Because marijuana is currently illegal to grow, possess, or sell under federal law, financial institutions are reluctant to provide financial services to marijuana businesses even when those businesses are properly licensed and fully legal under Colorado law; and

(II) Consequently, most Colorado-licensed marijuana businesses must operate almost entirely on a cash-only basis;

(b) Declares that this lack of access to financial services harms the public interest by:

(I) Stimulating the marijuana black market's competitive advantage by increasing licensed marijuana businesses' costs of doing business;

(II) Increasing the crime rate associated with licensed marijuana businesses due to the large amounts of cash that must be kept on premises; and

(III) Impeding Colorado's ability to track and independently verify the accounting of licensed marijuana businesses' revenues; and

(c) Declares that the enactment of this article, by authorizing the formation of marijuana financial services cooperatives, is necessary for the promotion and preservation of the public welfare.

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§ 11-33-101. Short title
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