It’s inevitable. Marijuana businesses, which are legal in California, should be allowed to deposit money in banks like everyone else.
Finally, according to the San Francisco Chronicle, a second state Senate committee has approved a bill that would make it easier for California cannabis businesses to write checks — instead of using hoards of cash, as is common practice now — to pay taxes, rent and fees to vendors.
The bill, introduced by (serial groper) state Sen. Robert Hertzberg, D-Van Nuys, would allow the creation of a special class of state-chartered banks and credit unions, regulated by the Department of Business Oversight, that could process deposits, withdrawals and other financial transactions by licensed cannabis merchants.
Proponents of the proposed legislation say it would help cannabis shops, which largely operate on a cash-only basis, by reducing the large amounts of cash they have to store and transport at any given time.
It also keeps the industry accountable. Cash-only businesses are havens for tax evaders.