Should California start its own bank to serve marijuana companies?
The voters of California have voted to allow recreational marijuana but, given the status quo, that’s a huge mess, and it’s dangerous,” he said. “A public bank may be the best way to clean up that mess and the best way to provide financial and physical security to the industry.”
Over the last year, there has been increasing interest among cannabis businesses and public officials in the idea of public banks: government-owned institutions that would take deposits, make loans and, in California at least, be willing to work with marijuana companies. If California had a public bank, the state could deposit tax revenue there rather than at a private bank. Those deposits would then be used to make loans.
Original Article (LA Times):
Should California start its own bank to serve marijuana companies? It wouldn’t be easy
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