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L.A. Considering Ballot Initiative To Fund Public Bank For Cannabis Businesses

The City Council today will vote to add the issue to November ballots

The fate of a nascent effort to create a bank owned by the city of Los Angeles and meant to help legally-permitted cannabis businesses could be decided by voters this fall.

The City Council on Tuesday will vote on whether to start the process of placing a measure on the November ballot, asking voters to let the city create a “purely commercial enterprise”— something prohibited by L.A.’s charter.

If voters approved such a charter amendment, it would remove one of a handful of hurdles standing in the way of a city-owned bank, something city officials have been studying for nearly a year since Council President Herb Wesson raised the idea ahead of the Jan. 1 legalization of recreational marijuana sales.

 

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