This alert was posted to the Cannabis Alliance, a group of businesses and activists with the aligned interests of improving patient access to medicine:
On Tuesday, February 14, the Colorado Senate Finance Committee will hear SB 75, a bill to allow the creation of a financial cooperative for the medical marijuana industry.
The co-op is regulated at the state-level much like a credit union, but is exempt from federal insurance. Only licensed business owners and patients with a red card may be members of the co-op. The co-op will have to maintain private insurance and operate with non-FDIC insured merchant services. While the bill doesn’t solve the whole problem, it is a step in the right direction.
The Colorado Bankers Association opposes the bill. The Cannabis Business Alliance has been in negotiation with them for several months. While they are willing to help with a federal solution, they don’t want these newly-created co-ops to have access to merchant services, the key to MMJ business to operate like any other small business.
Please take a few minutes of your day to contact committee members and ask them to support SB 75. Let them know that having a “bank” account and access to merchant services is critical to keeping your business in compliance with state-law, will help ensure public safety by getting cash out of your store front, and is key to the smooth operation and accounting of your business transactions.
Chairman Mike Johnston
O: 303-866-4864
E: mike.johnston.senate@state.co.us
Ranking Member Keith King
O: 303-866-4880
Scott Renfroe
O: 303-866-4451
Angela Giron
O: 303-866-4878
E: Angela.Giron.senate@state.co.us
Greg Brophy
O: 303-866-6360
Lucia Guzman
O: 303-866-4862
E: lucia.guzman.senate@state.co.us
Cheri Jahn
O: 303-866-4856
E: cheri.jahn.senate@state.co.us
Mark Scheffel
O: 303-866-4869
E: mark.scheffel.senate@state.co.us
Sadly, the legislation did not pass. The precise reason this impacts you is that the obstruction of credit card services at dispensaries will continue without relief for the moment.
The reality is often a lot less glamorous than the conspiracies that some will ascribe to the motives of the lawmakers working on these projects. These lawmakers hear a whole lot less from average people that are benefiting from medicine than they do from lobbyists that have special interests in their ear normally. Sometimes in frustration, it is easy to forget the humanity of those that are making decisions and to presume ill intent. Quite often the reality has much more to do with a differing point of view that is promoted more vigorously.
What is the point here? Well, this is an example of your power to influence. Certainly, it isn’t going to be you alone, but you and those that share your opinions and vigorously promote them, you all may create change. It’s a matter of real importance to become involved. Besides participating in the process by being on the board of the Cannabis Alliance, we can help by promoting awareness and encouraging participation. Don’t forget that it was people just like you that worked to make Amendment 20 part of the Colorado Constitution. It will be people like you that create lasting changes that guarantee patients’ rights in the future. Start with a phone call, if you are so inclined. Because in this case, the committee above voted against this law.
SB 75 the legislation offered by Senator Steadman to allow of the creation of a financial services cooperative for the medical marijuana industry died in Senate Finance Committee this evening on 5-2 vote. Committee Chairman Johnston and Senator Guzman were the yes votes.
It doesn’t pay to demonize those that disagree, but it certainly does pay to vocalize a differing perspective. It pays to pay attention to the details of the laws that affect you. Let us know what you think. Are you interested in hearing more about the comings and goings of MMJ law in Colorado? Let us know by emailing us at info@thereleafcenter.com.
We will continue in our efforts to keep you up to date, informed, and part of the process.