Colo. lawmakers nix first-ever pot investment fund

By The AP
Monday, April 11, 2011

DENVER — Colorado lawmakers have rejected a first-in-the-nation investment fund for marijuana after a fiery debate.

Democrats and Republicans fell on both sides of a debate today over starting a state-backed fund legitimizing investment in marijuana research, plus financial services for pot shops.

Supporters argued that marijuana businesses are ripe for corruption because banks won’t take their money, forcing them to do their business in cash.

But opponents argued that because marijuana is still federally banned, the state should not legitimize business transactions involving pot.

The House is pondering several changes to sweeping rules for marijuana businesses in Colorado.

Online:
House Bill 1043: http://goo.gl/hNM2d