California Bill to Create State-Backed Cannabis Bank Stalls

California lawmakers have stalled a plan to create a state-backed bank to handle money associated with the recreational marijuana market.

Bank Front Adobe Stock Credit Kevers Resized

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.

Read more

Top Image: © kevers | Adobe Stock

Page 1 of 481
Next Page