The State of Colorado has granted a charter for finance companies to serve its marijuana industry, the Charlotte Observer reports, mentioning that state officials are seeking approval from the National Credit Union Administration and the Federal Reserve.
Although marijuana has been legalized in Colorado, it still remains illegal federally and is heavily regulated by the national government.
"Now, the NCUA can come and look to see how it is functioning, and determine if they will issue the insurance, as they've issued to all the other 2,512 state-chartered credit unions in the nation," Colorado-based attorney Mark Mason told the Denver Post.
Others have also agreed the move is intended to pressure the federal government to take action on marijuana legislation and its relation to the market.
"This is the end of the line from the state's side. We've done all we can do," said Andrew Freedman, director of marijuana coordination for Gov. John Hickenlooper, the Charlotte Observer also reports.
Although the legislature permitted the foundation of a marijuana cooperative with operations similar to that of a credit union, it has yet to be formed and regulated by the national government.
Colorado Amendment 64, passed in November 2012, allows adults to grow up to six cannabis plants privately in a locked space and allows up to one ounce of cannibis while traveling.
