Readers may recall the brilliant idea for "cannabis co-ops," hatched by Colorado legislators who, sunshine on their shoulders, were not only crying at the beauty of the concept, but apparently flying at 30,000 feet on a Rocky Mountain High. And, of course, as was the case with the Dude's soiled floor rug, they were looking for a way to "tie the room together."
Notwithstanding that the law passed and was signed by Colorado's ever-optimistic governor Hickenlooper (yes, that's his real name) in June, according to this morning's The Denver Post, the idea has generated as much movement as a convocation of stoners with a sweet tooth and a gross of Hasheys Bars.
Even with the flurry of international publicity that swirled last spring around the groundbreaking effort — one that theoretically would allow pot businesses to band together and form their own banking entity — there has been lukewarm interest in giving it a try without first knowing it's not a useless effort.
As such, there hasn't been a formal application to the federal agency that would have to approve one.
That "federal agency" is the Federal Reserve.
For now, the Federal Reserve hasn't said one way or the other — probably because there hasn't been a formal application for access to the nation's financial system.
My guess is that the Federal Reserve will channel the spirit of Nancy Reagan and "Just Say No!" On the other hand, it may adopt the response that federal banking regulators have thus far revealed with respect the requests of the governors of Colorado and Washington for regulatory guidance to banks on banking "legitimate" marijuana businesses in their states: The Mount Rushmore Response. This involves impassive staring and no audible sound.
According to cannabis industry representatives, while no applications have been filed yet, they are "seeing some movement" on the cannabis co-op front. Unfortunately, the initial meeting to discuss the first application never got off the ground when chief organizer "Dave" was unable to gain access to the conference room.