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Posted on June 9, 2018 by Admin

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.

Full Article / Source: www.sfchronicle.com

Posted in Marijuana Banking California Marijuana Banking, Marijuana Banking Reform
Marijuana, Banks and the Perils of a Growing Business
Federal Cannabis Bill Would Help California Marijuana Businesses Get Banking

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Recent Posts

  • West Virginia Medical Marijuana Banking Fix Introduced
  • Your Cannabis Company Can Get a Bank Account but Not Easily
  • Otting Hopes for Resolution of Marijuana Banking Conflicts by 2020 (Podcast)
  • Puerto Rico Medical Marijuana Companies Now Without Banking Option
  • Michigan Marijuana Businesses Find Ways To Bank Cash As Industry Launches

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