California needs a marijuana bank, says Board of Equalization
California needs to establish its first bank for the marijuana industry, writes Board of Equalization member Fiona Ma.
This bank would not store hundreds of pounds of pungent, dried flower buds. Rather, it would provide banking services the state’s multi-billion dollar cannabis industry. This industry is currently dealing in large amounts of cash, because federal law blocks legal cannabis banking. California collects $44 million in medical cannabis taxes each year, often in cash.
Until federal law changes, California has to step up, writes Ma, in an opinion piece on Huffington Post.
“California should look into a state-chartered depository institution to provide, at the minimum, basic merchant services to allow businesses to pay their taxes and payroll via check or electronic funds transfer,” she writes.
Fiona
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