Senator Robert Hertzberg’s Senate Bill 930: Banking for the Cannabis Industry will be heard by the Senate Committee on Banking and Financial Institutions Wednesday, April 18 at 1:30 pm and in the Senate Committee on Governance and Finance on Wednesday, April 25 at 9:00 am (State Capitol - Room 112). The legislation is being sponsored by Board of Equalization Member Fiona Ma, with support from WeDrop and the Los Angeles City Council.

SB 930 would create a limited purpose state charter bank under the purview of the Department of Business Oversight. Banks that qualify under this charter would be able to provide limited banking services to cannabis enterprises. These activities including issuing checks for the following purposes:

  • Pay state and local taxes and fees
  • Pay vendors from California for goods and services provided to the cannabis business
  • Pay rent
  • Purchase state and local bonds and other debt instruments

Supporters of SB 930 are urging cannabis industry stakeholders to voice their support for the bill today. A sample support letter for your use in reaching out to both committees is available here.