The California Senate on Tuesday approved legislation to create state-chartered cannabis banks to help the industry get around restrictions on access to banking services.
The California Senate approves legislation to create state-chartered cannabis banks to help the industry get around restrictions on access to banking services.
"It's hard to imagine an industry that at this point is as large as, like, craft beer that does not have banking as we have come to know it," says Steve Hawkins, executive director of the Marijuana Policy Project.Philip Cheung | The Washington Post | Getty ImagesSenate on Tuesday approved legislation to create state-chartered cannabis banks to help the industry get around restrictions on access to banking services.
"It's hard to imagine an industry that at this point is as large as, like, craft beer that does not have banking as we have come to know it," said Steve Hawkins, executive director of the Marijuana Policy Project, a national marijuana reform organization. He said the legal marijuana industry lacks access to commercial banking services available to other industries, including payroll, loans and deposit needs.
"It will improve commerce incrementally, but you won't be able to get a loan from one of these banks," said attorney Robert Selna of the Oakland, California-based firm Wendel, Rosen, Black & Dean. "It will help cannabis companies pay the rent, but how it corresponds with federal law is still a question."
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