Colorado is ahead of a bill that passed the U.S. House of Representatives Wednesday that would grant legal marijuana businesses access to banking.
The state's cannabis industry already has access to 35 banks and credit unions, according to data provided to the Colorado Sun from the Colorado Bankers Association.
However, many of the banks have kept this facet of their business private, said Amanda Averich, a spokeswoman for the bankers association, to the Sun.
“They’re serving this business, effectively, anonymously,” she said.
This privatization can partially be attributed to the lack of legal protection for banks that handle marijuana-related funds, considering the federal status of the industry, according to the Sun.
Colorado banks could be more public about these services if the SAFE Banking Act passes in the Senate after its 321-103 success in the House last week. The bill would allow any legal cannabis business to access loans, lines of credit and other banking services, while providing protections to banks who offer the services.
"This is a sign the time has come for comprehensive cannabis reform," said Morgan Fox, a spokesman for the National Cannabis Industry Association. "The fact that we got almost half the Republicans is a huge sign we're moving in the right direction toward sensible policies."