Pot shop cash stash at ‘Bank of Los Angeles’? LA first city with own bank
A City Council committee is set to begin discussion Wednesday on making Los Angeles the first city in the nation with its own bank, which would give marijuana dispensary operators access to banking services.
Council President Herb Wesson proposed the creation of a public Bank of Los Angeles during a speech in July while calling on his fellow council members to help devise a legal cannabis industry in the city that works.
“We cannot bury our heads in the sand on the issue of recreational and medical cannabis legalization. Instead we must strive to reasonably regulate the emerging industry while creating opportunities for Angelenos,” Wesson said.