California canna-businesses may be finally be getting a chance to open bank accounts in the near future, thanks to a new bill that just cleared the state Senate. This week, state senators voted to approve SB 930, a bill that would establish limited state charter banks and credit unions specifically for the use of licensed cannabis companies. The bill passed the state Senate with a bipartisan 29-6 vote, and will move from there to the state Assembly, where it awaits assignment to a committee.
He's referring to a substance that's still illegal under federal law, which means that large, federally insured banks don't handle marijuana transactions. Even while touting a potential $75 billion investment opportunity in a research note to investors, the New York bank Cowen Inc. warned that marijuana businesses "may be at risk of federal and/or state criminal prosecution."
California cannabis consumers and industry operators could enjoy a safer, more regulated legalized industry in the future, thanks to the passage of a bill to create the world’s first marijuana-focused bank.
Senate Bill 930 to set up a state charter bank for the cannabis industry survived a crucial floor vote in the California Senate Thursday. Friday is the deadline for all California bills this year to clear their house of origin.