It looks like the California cannabis industry will remain largely a cash enterprise for the foreseeable future. The 18-member Cannabis Banking Working Group chaired by State Treasurer John Chiang issued a 151-page report detailing why creating a public banking system to accommodate the legal weed industry would be so expensive, difficult and legally iffy that […]
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Reports Find Cannabis Bank Infeasible; Five Things You Need to Know About Public Banking in California
Once an idea batted around mostly in Occupy Wall Street circles, public banking is attracting a surge of interest among policymakers in several states, including California. “We must break Wall Street’s chokehold on state finance and develop our own state bank,” Gov.-elect Gavin Newsom said on the campaign trail. If California had a bank controlled […]