Source: marijuana.com
The California State Senate voted Wednesday, May 30, 2018, to create a system of state-chartered banks for the state’s budding marijuana industry. Senate Bill 930 was approved by a bipartisan vote of 32-6 and seeks to allow the state’s licensed marijuana businesses to legally access state-regulated banks and credit unions.
California marijuana business must haul tens of thousands of dollars in cash to pay taxes. But that will change. Now CA legislature is about to approve a state bank, that will allow cannabis businesses to legally use a banking system. https://t.co/rpZPGwWoom— Irony (@politicalirony1) May 31, 2018
The banks and credit unions would be regulated by the Department of Business Oversight and allowed to conduct transactions for cannabis businesses.
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