08 Nov 2017
CA treasurer pushes state-run bank for cannabis businessesCalifornia’s state treasurer isn’t waiting on the federal government to solve marijuana businesses’ banking problem. Treasurer John Chiang and members of a working group he formed are calling on California officials to create a state-government-run bank to serve marijuana companies, the Los Angeles Times reported. The recommendation by Chiang’s group bolsters a growing movement that wants cities and states to create public banks for marijuana businesses. Here’s what you need to know:
- Over the course of the year, Chiang’s group heard from cannabis business owners about their banking challenges and difficulties paying taxes.