Legal Marijuana Propelling Public Banking

Things are moving fast in California. A Los Angeles City Council committee approved a resolution February 16 to support the recently introduced state bill that would create a Public Bank that could take deposits from legal marijuana businesses. California Senate Bill 930, introduced at the end of January, would establish a state-chartered bank that would “allow a person licensed to engage in commercial cannabis activity to engage in banking activities in California”. The LA resolution to support SB 930 was proposed by Council President Herb Wesson and approved by the council’s Rules, Elections and Intergovernmental Relations Committee. Wesson proposed creating a Public Bank for the City of Los Angeles in July 2017.
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