Denver, Colorado - The Highest State's first bank dedicated to cannabis deposit business has finally been given the nod by the Federal Reserve to apply for a full-on banking licence.
Established in 2011 by a consortium of wealthy potheads from the Denver region the bank has been capitalized at $1,000,00 with all capital already fully paid up ever since pot business floodgates opened at the start of January this year.
External shareholders from the First Rastafarian GanjaBank of Jamaica have contributed 30% of the authorised capital as well as over fifty tonnes of best Kingston weed, currently languishing in the Denver bank HQ's strong room.
Another 20% of the bank's 'A' Shares are held by a consortium of Colorado farmers who have ditched a formerly profitable solar panel business to grow thousands of hectares of Denver Pure Gold.
Commenting on today's developments a Federal Reserve source said that the American Government has been offering 'guidance' to banks that want to accept deposits from cannabis sellers, whether in cash, gold bullion, bitcoins or hundredweight bales of dope.
One ounce of Denver Devilry Seedless Weed retails for around $1,000.