California would likely lose money and face insurmountable federal hurdles if it tried to create a state-backed bank for the marijuana industry, according to a report released Thursday by the state treasurer.
The report puts an end for now to hopes California could find a way to get around banking hurdles for marijuana businesses as the state’s recreational market concludes its first year in operation. A working group launched by state Treasurer John Chiang commissioned the study by a San Diego-based firm in January. State lawmakers rejected legislation for a state-backed bank earlier this year.
Chiang used the report to blast the Trump administration for cracking down on marijuana even though 33 states have legalized it for recreational or medicinal purposes. It remains a Schedule 1 drug under federal law.
Full Article / Source: www.nbcsandiego.com