California’s new cannabis banking bill would create a separate category in banks and credit unions to handle cannabis cash. The bill has been moved through the assembly committee this Tuesday. It got senate’s stamp of approval and is now about to get the support of California governor. Assembly committee has a total of 19 members; 12 members voted to move the bill in Assembly Appropriations Committee.
After getting the approval of the governor, the bill would join the existing structure of the banks and credit unions to create a limited charter. The bill would help financial institutions that handle the cash produced by California’s legal cannabis industry. California legalized cannabis last year, but the industry is still outlawed at the federal level. Many banks and credit unions are unable to deal with people linked with the cannabis industry, as most of the banks in California are federally regulated. The new bill would be beneficial for the banks and people connected with the cannabis industry.
There are also some federal bills regarding which Cannabis Business Law Firm California has more deep information. One US Senate bill STATES ACT will allow states to carry cannabis industry regulation within their borders without federal interference. According to this law, the federal can not control cannabis in states.
There is also another federal law which promised to provide banking services to cannabis in states. California’s bill for cannabis’ banking operation, would now allow banks to loan money collected from the cannabis industry. Banks can charge fees for their service.