California Senate forwards bill to create state bank for marijuana

“The status quo for our growing legal cannabis industry is unsustainable,” said State Senator Bob Hertzberg (D—Van Nuys), the bill’s sponsor. “It’s not only impractical from an accounting perspective, but it also presents a tremendous public safety problem. This bill takes a limited approach to provide all parties with a safe and reliable way to move forward on this urgent issue.”

The proposed state charter bank would be very limited compared to a major national bank like Chase or Bank of America. It would allow licensed industry operators to make deposits in order to pay state and local taxes and fees, as well as pay wholesale vendors, and landlords. The bill passed the senate with bipartisan support 29-6, and now heads to the Assembly, where it must pass through several committees and an Assembly floor vote this summer on its way to the Governor’s desk. Supporters included the world’s largest cannabis market — the city of Los Angeles. No opposition is listed in the bill’s analysis. The bud banking bill is one of several dozen cannabis-related bills in California this session that aim to clean up regulatory language or advance human rights of cannabis users to work or clear their criminal records.

Original Article (Leafly):
California Senate Forwards Bill To Create State Bank for Marijuana
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