With a projected revenue of $6.64 billion but little to no access to bank accounts, California’s marijuana industry remains a cash-only economy.
State officials are grappling with how to funnel the industry’s money out of bags and into something more secure as California careens toward a recreational marijuana marketplace next year, when cannabis will be available for sale to adults without medical recommendations.
The obvious route would be a bank account, but that’s unlikely to be possible anytime soon.
California State Treasurer John Chiang is discussing banking and its alternatives for the cannabis industry with interested parties around the state.
Chiang’s statewide “Cannabis Banking Working Group” first convened in December to get experts on banking and its alternatives together with players in the marijuana industry to discuss the issue in meetings throughout the state.
A cash-only economy comes with risks, from safety concerns for employees handling large amounts of cash to staff time required to handle all aspects of the business involving money.
Read the whole story in the Press Democrat