California Lawmakers Consider Bill to Create State-Chartered Cannabis Banks
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California Lawmakers Consider Bill to Create State-Chartered Cannabis Banks

A previous attempt to pass similar state legislation failed last year.

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May 15, 2019

LOS ANGELES — The fate of a bill that would allow state-chartered banks and credit unions to provide services to California’s marijuana businesses could be determined Thursday when a key hearing is held on the legislation.

The proposed legislation, state Senate Bill 51, is designed to help cannabis retailers and other marijuana firms that have been shut out from the traditional banking system. The measure would allow private banks or credit unions to apply for a limited-purpose state charter so they can provide depository services to licensed cannabis businesses.

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