Hertzberg Pulls Cannabis Banking Bill Before Floor Vote

Sen. Bob Hertzberg (D-Van Nuys) has pulled his cannabis banking bill ahead of a floor vote. Hertzberg said it will become a two-year bill to be reintroduced next year.

“If we’re going to do this, we have to do it right,” said Hertzberg. “We owe it to the dozens of cities, counties, and cannabis industry officials who have been supporting this effort to see it through.”

SB 51 was only the latest effort to create a path for banking for the state’s legal cannabis companies. It would create state-chartered banks and credit unions to provide services to marijuana enterprises. A similar bill proposed by Hertzberg failed last year.

State Treasurer Fiona Ma was a supporter of the legislation.

“I will continue to champion this issue on behalf of business investors as well as constituents that voted for a healthy, legal cannabis industry in California,” Ma said. “I remain committed and am looking forward to working with Governor Newsom and Senator Hertzberg on SB 51 as a top priority for January when the Legislature reconvenes.”