The California Senate on Tuesday approved legislation to create state-chartered cannabis banks to help the industry get around restrictions on access to banking services.
The California Senate approves legislation to create state-chartered cannabis banks to help the industry get around restrictions on access to banking services.
"It's hard to imagine an industry that at this point is as large as, like, craft beer that does not have banking as we have come to know it," says Steve Hawkins, executive director of the Marijuana Policy Project.Philip Cheung | The Washington Post | Getty ImagesSenate on Tuesday approved legislation to create state-chartered cannabis banks to help the industry get around restrictions on access to banking services.
"It's hard to imagine an industry that at this point is as large as, like, craft beer that does not have banking as we have come to know it," said Steve Hawkins, executive director of the Marijuana Policy Project, a national marijuana reform organization. He said the legal marijuana industry lacks access to commercial banking services available to other industries, including payroll, loans and deposit needs.
"It will improve commerce incrementally, but you won't be able to get a loan from one of these banks," said attorney Robert Selna of the Oakland, California-based firm Wendel, Rosen, Black & Dean. "It will help cannabis companies pay the rent, but how it corresponds with federal law is still a question."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alabama Senate bans nearly all abortions, including rape casesAlabama's state Senate passed a bill on Tuesday to outlaw nearly all aborti...
Read more »
Senate Republican leader sees budget, debt ceiling deal soonU.S. Senate Majority Leader Mitch McConnell said on Tuesday he hoped Congress co...
Read more »
Senate Confirms Trump’s Appointee for Deputy Attorney GeneralThe Senate confirmed President Trump’s pick to be deputy attorney general over the concerns of Democrats that the Justice Department outsider lacks the experience needed to manage the sprawling institution.
Read more »
Alabama Senate approves nation’s strictest abortion banThe Alabama Senate approved the toughest anti-abortion ban in the country, hoping it will spark a legal challenge leading to the demise of Roe v. Wade
Read more »
Sen. Lindsey Graham Blasted For Encouraging Donald Trump Jr. To Ignore Senate SubpoenaDemocrats blast Lindsey Graham for encouraging Donald Trump Jr. to ignore Senate subpoena
Read more »
Missouri Senate passes bill to outlaw abortion at 8 weeksAnti-abortion campaigners across the U.S. are pushing for new restrictions in hopes that the now more-conservative U.S. Supreme Court will overturn Roe v. Wade.
Read more »
Donald Trump Jr. agrees to testify before Senate Intelligence panelDonald Trump Jr. has agreed to testify next month before the Republican-led Senate Intelligence Cmte., a source close to the president's eldest son said.
Read more »
Senate Confirms Trump Court Pick Who Once Called Sexism Claims 'Irrelevant Pouting'Senate confirms Trump court pick who once called sexism claims 'irrelevant pouting'
Read more »
How Donald Trump Jr. made a deal to limit the topics of Senate Intelligence Committee hearingDonald Trump Jr. agreed to return to the Senate Intel Committee for questioning after negotiating to limit the number of topics.
Read more »