Cannabis is a $10 billion industry operating mostly in cash. Senate Bill 930, which is to be heard Tuesday, May 22, 2018, before the Senate Appropriations Committee, would allow state-chartered banks and financial institutions to apply for a special cannabis banking license. Source: California must act on banking for cannabis businesses | The Sacramento Bee
What it would do: Establish a state-run financial institution for marijuana companies to use in lieu of regular banks, given the ongoing problem many in the industry have finding regular bank accounts.
Primary sponsor: Sen. Robert Hertzberg (D-Van Nuys)
Status: Awaiting final passage in the Senate.
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