California Senate forwards bill to create state bank for marijuana

The California Senate approved a bill on Wednesday [May 30, 2018] that would create a state bank for marijuana businesses. The measure, Senate Bill 930 (SB 930), received bipartisan support from senators, who voted 29-6 in favor of the legislation.

Under SB 930, the state would establish a special charter bank that could issue checks for use by account holders. Businesses could use the checks to pay rent, state and local taxes and fees, and to reimburse California vendors for goods and services. Account holders could also purchase state and local bonds and other debt instruments with the checks. Sen. Bob Hertzberg, a Democrat from Van Nuys, introduced SB 930, and said in a release that California’s fledgling cannabis economy needs the special bank in order to operate safely and efficiently. The new bank would also increase security at marijuana dispensaries and other businesses, where stockpiles of cash can be a tempting target for thieves.

Original Article (High Times):
California Senate Forwards Bill To Create State Bank for Marijuana
Artwork Fair Use: Christian Gobrecht


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