California Cannabis Banking Bill Stalls
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California Cannabis Banking Bill Stalls

Legislation allowing the state to create special banks to handle funds from the cannabis industry will not pass this year.

September 10, 2019

A bill that would have allowed California to establish special banks to handle cannabis industry funds has stalled in the legislature, according to a KTLA 5 report.

Senate Bill 51, introduced by California Sen. Bob Hertzberg, would have allowed state-chartered banks to handle money from state-licensed cannabis businesses in a workaround to overcome the industry’s banking issue. The Senate passed the measure 35-1 in May and was sent to the Assembly for approval.

Hertzberg announced Sept. 9 that the bill would not get a vote this year, KTLA 5 reported, but that he will work with Gov. Gavin Newsom and State Treasurer Fiona Ma to pass the legislation in the next legislative session.