California to propose state bank to handle cash from pot businesses

By admin | June 23, 2024 |

California to propose state bank to handle cash from pot businesses

Since voters approved legalizing recreational-use marijuana, businesses and the state have been struggling to figure out how to deal with the large amounts of cash revenue brought in by the industry. A proposal by state treasurer and gubernatorial candidate John Chiang is to create a state bank that would handle the money brought in by recreational-use marijuana businesses. Since marijuana is considered an illegal drug by the federal government, banks are reluctant to work with marijuana-related businesses because they may be penalized. This proposal aims to help marijuana-related businesses and the state.
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