The fate of a bill that would allow California marijuana firms to receive banking services from state-chartered banks and credit unions could be determined Thursday when a key hearing is held on the legislation. A previous attempt to pass similar legislation failed last year.
The fate of a bill that would allow California marijuana firms to receive banking services from state-chartered banks and credit unions could be determined Thursday when a key hearing is held on the legislation.California's legal marijuana industry is struggling to compete with black market competitors and is facing challenges that include banking access and high taxes.
California's legal marijuana industry is struggling to compete with black market competitors and is facing challenges that include banking access and high taxes. Last week, California Gov. Gavin Newsom's new state budget plan slashed cannabis tax revenue projections by $223 million. On Monday, the state Senate Appropriations Committee sent SB 51 to the so-called suspense file, a common procedure for state bills with a fiscal impact. However, the action also sets the stage for a hearing Thursday when committee members could determine the fate of the proposed measure.last year issued a report on cannabis banking and stated that "large amounts of cash make cannabis businesses, their employees, and their customers targets of violent crime.
Hertzberg's new bill would set up special checks by pot businesses as a way to pay state and local taxes, fees and rent. The current taxes imposed on the state's cannabis industry were part of Proposition 64, the adult-use legalization measure passed by California voters in November 2016.
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