A bill proposed in California would create limited-service banks and credit unions to serve the state’s cannabis industry, according to a CNBC report. The measure, approved unanimously by the Senate Bank and Financial Institutions Committee, would allow canna-businesses to write special checks to pay some of their business expenses.
What would the program look like? The limited-charter financial institutions would be overseen by the Department of Business Oversight. The special checks could be used to pay local and state taxes, rent on property associated with the businesses, vendors, and could be used to buy state or local bonds and warrants. The checks would not be in the automated clearinghouse, part of the federal checking system.
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