State-Run Marijuana Bank Proposed in California

California led the way in medical marijuana legislation, and some officials hope it will do the same when it comes to cannabis banking.

The California Tax Board is proposing the creation of a state-run bank where cannabis companies can deposit their money, reducing the need for business owners to lug around thousands of dollars in cash.

After almost two decades of legalized medical marijuana in California, now is the time to look at what a state-run bank would look like, Fiona Ma, of the state Board of Equalization, said at a recent meeting, according to the Sacramento Bee.

...

State-Run Marijuana Bank Proposed in California is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs