California Senate Approves Bill to Establish Marijuana Banks and Credit Unions
Legislation that would allow for the creation of a special class of state-chartered banks and credit unions that could service Californias legal marijuana industry has been passed by the full Senate.
The status quo for our growing legal cannabis industry is unsustainable, says SenatorRobert Hertzberg D, who filed Senate Bill 930. Its not only impractical from an accounting perspective, but it also presents a tremendous public safety problem. This bill takes a limited approach to provide all parties with a safe and reliable way to move forward on this urgent issue.
The measure was approved by the full Senate yesterday in a 29 to 6 vote. The vote sends the bill to the House of Representatives, where passage would send it to the desk of Governor Jerry Brown.
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