Round Two: Cannabis Banking Bill Passes Appropriations

California lawmakers are once again considering legislation to create state-chartered banks and credit unions to provide services to marijuana enterprises.

Senate Bill 51, authored by Sen. Robert Hertzberg (D-Van Nuys), passed the Senate Appropriations Committee Thursday. A similar bill proposed by Hertzberg failed last year.

Like the previous bill, SB 51 is expected to be pricey, incurring around $2 million in costs per year. Hertzberg argues those costs would be more than offset by the benefits. Right now, many cannabis businesses are forced to operate in all-cash environments that invite crime and make the payment of taxes and local fees more difficult.


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Wednesday, May 13, 2020 - 04:43

A bill that would legalize foods, drinks, and cosmetics containing hemp-derived CBD has been tabled by the Legislature as it tackles a mountain of coronavirus-related items.