California: Senate approves bill to create banks for cannabis industry
California cannabis companies may soon be able to open a bank account thanks to a bill the Senate just passed. U.S. Senators indeed passed last week the SB 930, a project that would allow the creation of state-owned banks for the cannabis industry.
The bill passed with 29 votes to 6, and now heads to the California State Assembly.
Like all American states that have legalized cannabis, California cannabis companies are forced to pay their taxes, employees, and bills in cash. U.S. banks are indeed governed by federal law, which still considers cannabis illegal and therefore restricts banks from touching it, a topic on which No state has made a move so far.
The state of California expects to collect $600 million in taxes this year, and if the industry's banking problems aren't resolved, it will have to collect it in cash.
A state-owned bank could theoretically solve this problem. This type of bank has a more limited scope than a traditional bank, but it would allow cannabis businesses to deposit money and pay rent or taxes by check.
«The status quo for our legal cannabis industry is unsustainable., said Senator Hertzberg. «It's not only unworkable from an accounting standpoint, but it also presents a huge public safety problem. This bill takes a limited approach to provide all parties with a safe and reliable way to move forward on this urgent issue.»
Argentina Opens Its Market to Hemp Flowers Containing 1% of THC
The French Socialist Party still doesn't know how to approach the legalization of cannabis
Science in the City International: Paris at the Heart of Transatlantic Scientific and Medical Dialogue
Christine Fréchette is alienating Quebec’s cannabis industry
Rima Hassan: When «Drugs» Become a Political Weapon
From Marathons to Ultratrails: How Extreme Running Affects the Endocannabinoid System
Four days of THC may make breast cancer less aggressive, according to a new study
Medical Cannabis: 14 Organizations Finally Call for Enforcement of the Law
One year after the launch of the Dutch cannabis experiment, the first trends are emerging
High Ground: The Crash of a Plane Full of Marijuana That Made History in Yosemite
-
Cannabis and driving1 week agoCannabis and CBD: French Drivers Can Now Lose Their License Even Without a Positive Test Result
-
Cannabis in France2 weeks ago
Cannabis Legalization: The LFI Bill Has a Major Problem—THC
-
Cannabis in the Netherlands4 days agoOne year after the launch of the Dutch cannabis experiment, the first trends are emerging
-
Cannabis in France5 days ago
French medical cannabis remains stalled at the Ministry of Health
-
Business4 days ago
The United Kingdom Is Moving Closer to a Regulated CBD Market
-
Cannabis in Europe2 weeks ago
Andorra Paves the Way for Medical Cannabis Cultivation
-
Cannabis in France2 weeks ago
Drought: Could Hemp Become the New Hope for French Farmers?
-
Cannabis in Argentina1 day ago
Argentina Opens Its Market to Hemp Flowers Containing 1% of THC
You must be logged in to post a comment Login