World’s first Marijuana Bank

World’s first Marijuana Bank

On one hand where marijuana is banned and considered illegal in some parts of the world, there are few nations who are giving space to the marijuana smokers.

Till date, banks have refused to carry out transactions in cannabis-related businesses because federal regulations prohibited them to get involved in something which was illegal in their nation. Over-lapping this fact, the Colorado Governor, John Hickenlooper has signed a legislation to establish the world’s first system for the cash-only marijuana industry.


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With this move, Colorado became not only the first US state but also first in the world to legalise cannabis by providing them with banking opportunities. Washington is next in line to follow this suit starting from month of July. The aim is to provide the people dealing in marijuana some banking opportunities so that, they do not have to store cash with them which is dangerous. Keeping cash in large amount makes a person fall prey to the hands of criminals which leads to robberies.

Let us have a look at the laws related to the use of marijuana in Colorado:

• Purchasing or selling of Marijuana is only allowed to people above 21 years of age.

• On showing a valid Colorado id, anyone above the age of 21, can purchase marijuana and its related products from licensed retailers approved by the Colorado Department of Revenue and the local municipality.

• The residents of Colorado can purchase 1 ounce (2 tablespoon) at a time but the non-residents can purchase only ¼ ounce.


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• Although the Colorado law allows one to purchase or sell marijuana openly, its consumption is banned in public.

• The most amazing rule is that people can smoke marijuana only in their own home and not in rented accommodations. The rule has been made by property owners who ban the use and possession of marijuana in their properties.

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