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Colorado lawmakers want pot-industry bank option

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FILE – In this Dec. 5, 2013, photo marijuana matures in ideal conditions at the Medicine Man dispensary and grow operation in northeast Denver. A pro-marijuana group hoping to ride a wave of mounting acceptance for cannabis filed an initiative petition Wednesday April 23, 2014, seeking to legalize recreational pot use in Nevada. (AP Photo/Ed Andrieski, file)

FILE – In this Dec. 5, 2013, photo marijuana matures in ideal conditions at the Medicine Man dispensary and grow operation in northeast Denver. A pro-marijuana group hoping to ride a wave of mounting acceptance for cannabis filed an initiative petition Wednesday April 23, 2014, seeking to legalize recreational pot use in Nevada. (AP Photo/Ed Andrieski, file)

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DENVER (AP) — A Colorado plan to set up the world’s first financial system for marijuana survived less than 24 hours before state lawmakers changed course and shelved the idea.

The proposal would have allowed state-licensed marijuana businesses to create a financial co-op, sort of an uninsured credit union.

The measure was introduced late Wednesday and cleared a House committee on Thursday. But a few hours later, another House committee gutted the plan by amending the bill to say that Colorado will continue studying the problem of marijuana businesses having a hard time accessing banking services.

Lawmakers from both parties expressed reservations about whether the financial-services plan would work.

Associated Press

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