California Senate passes legislation to create state-chartered cannabis banks

The California Senate approves legislation to create state-chartered cannabis banks to help the industry get around restrictions on access to banking services.

"It's hard to imagine an industry that at this point is as large as, like, craft beer that does not have banking as we have come to know it," says Steve Hawkins, executive director of the Marijuana Policy Project.Philip Cheung | The Washington Post | Getty ImagesSenate on Tuesday approved legislation to create state-chartered cannabis banks to help the industry get around restrictions on access to banking services.

"It's hard to imagine an industry that at this point is as large as, like, craft beer that does not have banking as we have come to know it," said Steve Hawkins, executive director of the Marijuana Policy Project, a national marijuana reform organization. He said the legal marijuana industry lacks access to commercial banking services available to other industries, including payroll, loans and deposit needs.

"It will improve commerce incrementally, but you won't be able to get a loan from one of these banks," said attorney Robert Selna of the Oakland, California-based firm Wendel, Rosen, Black & Dean. "It will help cannabis companies pay the rent, but how it corresponds with federal law is still a question."

It’s because everyone who smokes the devils lettuce dies

Its because its being taxed to death.

Maybe there giving all to the non citizens in there state

Profits from weed? Up in Smoke

Cheech and Chong had no comment.

It’s the Wild West here in LA with makeshift operations, and buying off from home growers. It’s easier to skim marijuana sales if it’s a cash only business.

how can that be possible.....these dispensaries ae selling 10s of thousands of pounds a month...EACH ONE OF THEM!!!...so wheres all that tax revenue going that the state isnt SEEING it?....BS story

Maybe someone at CNBC is hoarding all the Kush... being all greedy..

Maybe they should stop spending money and lower taxes so people enjoy living there

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