California lawmakers moved Wednesday to create a state-backed bank to handle the billions of dollars flowing from the newly legal recreational marijuana market.

The world’s largest legal recreational marijuana economy, created under a law that took effect this year, is projected to grow to $7 billion.

The bill approved by a bipartisan 29-6 state Senate vote is designed to help pot entrepreneurs who usually deal in cash because most banks won’t accept money from a product that remains illegal under federal law. 

Click here to read the complete article

Don Thompson ~ Associated Press ~

Recent News Articles

Friday June 21

Congress Votes To Block Feds From Enforcing Marijuana Laws In Legal States - Cannabis News

in Politics

by Bruce Kennedy - Editor in Chief

The House of Representatives approved a far-reaching measure on Thursday to prevent the Department of…

283 hits

Friday June 21

57% of Arthritis Patients Have Tried Cannabis. 90% Found It Helped - Cannabis News

in Medical News

by Bruce Kennedy - Editor in Chief

A new survey of more than 1,000 arthritis patients found that 57% of those questioned…

412 hits

Friday June 21

New York state decriminalizes marijuana after legalization fails - Cannabis News

in Law & Crime

by Bruce Kennedy - Editor in Chief

Efforts to legalize marijuana in New York state have failed, so lawmakers did the next…

335 hits

Friday June 21

Report: How Legal Cannabis Affects U.S. Snacking Industry - Cannabis News

in Finance

by Bruce Kennedy - Editor in Chief

Shifting cannabis laws present new opportunities for food and beverage markets.

359 hits

Monday June 24

Could CBD Fight Superbugs? Marijuana Compound Shows Promise As an Antibiotic - Cannabis News

in Medical News

by Bruce Kennedy - Editor in Chief

The quest for new antibiotics has led researchers to a surprising candidate: the marijuana compound…

256 hits