Legislation passed committee approval in Sacramento and is destined for a vote by the California State Assembly and Senate later this year that would allow for licensing of banking institutions to accept deposits and allow for certain payments for Cannabis businesses.
It’s about time that California lawmakers realize that Proposition 64 has limited chance of sustainability without the banking structure for the cannabis economy. At the moment, it’s primarily a cash industry. It creates a very unsafe environment to conduct transactions, pay employees and vendors and pay state and local taxes.
Democratic Senator Bob Hertzberg, the sponsor of the bill, says that SB 930 would allow “the licensure and regulation of cannabis limited charter banks and credit unions that would provide limited banking services to cannabis related businesses”, including:
- Pay state and local taxes and fees
- Pay vendors from California for goods and services provided to the cannabis business
- Pay rent
- Purchase state and local bonds and other debt instruments
Now we are making progress!
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