Colorado Cannabis Companies Still Jump Through Financial Hoops
Most banks are still wary of working with the legal side of the booming industry.By Kate Grumke | October 18, 2016
A handful of states are considering making recreational marijuana legal, and the businesses already doing that in Colorado could be examples for others. Because it's still illegal at the federal level, they face different barriers than your average small business.
From the very beginning of the growing process, Colorado cannabis plants are highly regulated. Tim Cullen is CEO of Colorado Harvest Company, and he showed us around his facility.
Cullen said: "As you look at these plants here in front of us, you see that there are different colored tags. On these plants there are blue tags that are recreational plants and there are yellow tags that are medical. ... They're radio-frequency tags. They have bar codes and tracking information on them, and they're registered to this company. And so every plant has a tag on it, and it's these bar codes that are updated for anything that's watered in or sprayed onto these plants."