Tuesday, January 30, 2018

Treasurer Chiang Wants Public Bank for California

California’s new cannabis industry is taking off in the wake of the voter-passed Proposition 64. But cannabis dealers are left lugging sacks of cash in order to pay bills and taxes, because banks are wary of dealing with cannabis companies, largely because of federal laws against the drug. State treasurer John Chiang is proposing the creation of a public bank to serve the industry, in order to protect the $7.5 billion recreational cannabis industry, and also to protect consumers from other abuses by the private banking industry.
Christopher Martinez reports.