California Lawmakers Kill State-Backed Bank for Pot Money - NBC Southern California
In the Weeds

In the Weeds

Marijuana in the Golden State and beyond

California Lawmakers Kill State-Backed Bank for Pot Money

Most banks, though, won't handle money affiliated with the industry because marijuana is still illegal under federal law.

    processing...

    NEWSLETTERS

    California Lawmakers Kill State-Backed Bank for Pot Money
    Justin Sullivan/Getty, File

    California lawmakers have killed a plan to create a state-backed bank to handle money associated with the recreational marijuana market.

    California's legal recreational pot industry is the world's largest.

    Most banks, though, won't handle money affiliated with the industry because marijuana is still illegal under federal law. That's forced marijuana growers, distributors and sellers to operate with cash.

    The bill by Democratic Sen. Bob Hertzberg died Thursday in an Assembly committee without debate.

    Aurora Ill. Shooting: Victims Identified

    [NATL] Aurora Ill. Shooting: Victims Identified

    Aurora Police Chief Kristen Ziman released the names of the 5 victims who were gunned down Friday by their coworker at the Henry Pratt company.

    (Published Saturday, Feb. 16, 2019)

    Hertzberg said requiring marijuana businesses to deal in cash posed dangers for operators. He called his plan a "creative approach" to a problem he hoped the federal government would eventually solve.

    Get the latest from NBC4 anywhere, anytime

    • Download the App

      Available for IOS and Android