Sacramento Update

Marijuana banking is the latest hot topic for Chiang

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

Advertisements

Categories: Sacramento Update

1 reply »

  1. Yep.. Kaly dem’s are working to find a way to TAX that cash ..If it’s cash, it’s hard to trace. They want their cut as usual. !!

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s