The country’s largest legal marijuana market has so far been shut out of the traditional banking system by federal laws
Vendors from MF Extracts count cash at their booth at a marijuana festival in Adelanto, Calif., in December.
The state Senate voted 35 to 1 on Tuesday to pass a bill that would allow people to start banks and credit unions that could accept cash deposits from marijuana retailers.Those banks could issue special checks to the retailers that could be used only for certain purposes, including paying taxes and California-based vendors.
“This is as close as we can get until the federal government changes its policy,” said state Sen. Bob Hertzberg, a Van Nuys Democrat and the author of the bill that now goes to the Assembly.U.S. statutes also prohibit banks from handling money that comes from criminal activity. Banks that knowingly accept money from licensed marijuana retailers have not been able to get federal deposit insurance.
The result, according to Hertzberg, is “millions of dollars buried in barrels.” He called it a public safety issue that puts retailers at risk of robbery.
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