SACRAMENTO, Calif. (AP) — California lawmakers killed a plan Thursday to create a state-backed banking system for the recreational marijuana market, meaning the industry must keep operating in cash for now.
Most banks refuse to do business with marijuana growers, distributors and sellers because the drug is still illegal under federal law.
Democratic Sen. Bob Hertzberg, who suggested the creation of the state-backed bank, said forcing operators to deal in large sums of cash can be dangerous.
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