SB930, by state Sen. Robert Hertzberg, D-Van Nuys, now heads to the Assembly
The state Senate passed a bill this week to create a state charter for banks to serve California cannabis businesses, which would allow licensed merchants to write checks to pay taxes, fees and vendors — rather than use large amounts of cash, as they currently do.
SB930, by state Sen. Robert Hertzberg, D-Van Nuys, now heads to the Assembly.
Because marijuana is classified by the federal government as a Schedule 1 drug, federally insured financial institutions cannot process cannabis-related transactions without the risk of facing money laundering charges.
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