Banking is a serious issue in the cannabis world, especially since Attorney General Jeff Sessions put out the word that he’s ready to crackdown on states that have legalized marijuana. Banks, which operate at a federal level, have become very shy toward the cannabis industry in the last month for good reason.
Well, one Democratic candidate for governor John Chiang announced yesterday that he and his office will be looking into creating a state bank for California that will handle the Golden State’s newly legalized cannabis landscape.
The office hopes to coordinate with the office of the state Attorney General to determine any hindrances, such as legality and cost in forming a new kind of state run bank.
The biggest roadblock of all could be Jeff Sessions, who may still come down hard on financial institutions that support the cannabis industry. Time will tell, but so far Sessions’ efforts have fallen on deaf or, more likely, incredulous ears.
States that have legalized marijuana in one form or another don’t want to bust new businesses that bring in revenue for social programs and create jobs. It’s not in their best interest.
The idea of creating a statewide bank to serve the cannabis community is a good one and one that will hopefully spread to other states that have gone the legal cannabis route. All cash business are risky for everyone.