State-legal marijuana companies can’t use federally-backed banks, causing cash problems
SACRAMENTO, Calif. — Shut out of the traditional banking system by federal laws, the country’s largest legal marijuana market in California could benefit if the state approves a measure creating a special class of banks to handle pot money.
The state Senate voted 35-1 on Tuesday to pass a bill that would allow people to start banks and credit unions that could accept cash deposits from marijuana retailers.
Those banks could issue special checks to the retailers that could only be used for certain purposes, including paying taxes and California-based vendors.
State lawmakers also say such banks would make it easier for licensed pot retailers to pay their taxes, which fell far short of expectations in the first year after legalization.
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by Associated press
May 21, 2019