California considers “green banking” as it transitions to adult-use marijuana

SACRAMENTO, Calif. — California has a possible solution to the problem of banks being unwilling to handle money from the state’s multibillion-dollar legal marijuana industry, one that officials say would be the first system of its kind in the nation.

Talks are underway between the state, banks and federal regulators on a plan to allow banks to serve a marijuana market that is expected to grow to $7 billion annually by 2020 in California. Starting Jan. 1, it will be legal to grow and sell marijuana for recreational and medical uses.

State officials say without banks taking marijuana…

Source link

Skip to toolbar