California is on the verge of creating a first-of-its-kind safety net for marijuana retailers to deposit cash gleaned from legal pot sales.

The proposal, Senate Bill 930, calls for the creation of state-chartered banks and credit unions that would cater solely to licensed cannabis businesses.

Supporters say the pot bank will bring the six-month-old recreational pot industry “out of the shadows” by allowing businesses to pay their state taxes without toting briefcases full of cash.

Click here to read the complete article

Nick Cahill ~ CourthouseNews.com

Recent News Articles

Monday May 20

State Treasurers Group Endorses Marijuana Banking Legislation - Cannabis News

in Politics

by Bruce Kennedy - Editor in Chief

A group representing state treasurers and finance officials is formally calling on Congress to pass…

741 hits

Monday May 20

At Vt. Cannabis And Hemp Convention, Some Businesses Having #FOMO - Cannabis News

in Finance

by Bruce Kennedy - Editor in Chief

The Vermont Cannabis and Hemp Convention took place at the Champlain Valley Expo this weekend.

779 hits

Monday May 20

Arizona Farmers Can Begin Growing Hemp in June - Cannabis News

in Cannabis News

by Bruce Kennedy - Editor in Chief

Arizona farmers can begin planting hemp in early June. Hemp industry applications are due by…

1657 hits

Monday May 20

Cannabis-brewed Beer Prepares to Enter the New Canadian Market - Cannabis News

in World News

by Bruce Kennedy - Editor in Chief

The world’s first beer brewed from cannabis will be ready when Canada legalizes cannabis beverages…

1254 hits

Tuesday May 21

Poll: Most of Illinois says marijuana should be legal - Cannabis News

in Politics

by Bruce Kennedy - Editor in Chief

A new poll by Global Strategy Group on behalf of Think Big Illinois, says a…

924 hits