California Wants Trump To Relax Laws That Slow Growth In Cannabis Economy
California Treasurer John Chiang has appealed to President-elect Donald Trump for guidance on how the state’s projected $7-billion marijuana industry can participate in the nation’s banking system while cannabis remains illegal under U.S. law.
California voters last month approved Proposition 64, which legalized the recreational use of marijuana, beginning in 2018. Largely at issue is how the state will collect an estimated $1-billion in annual taxes from legal pot sales and cultivation, when cannabis businesses can face obstacles opening bank accounts, getting loans or obtaining insurance.
"[The] conflict between federal and state rules creates a number of difficulties for states that have legalized cannabis use, including collecting taxes, increased risk of serious crime and the inability of a legal industry under state law to engage in banking and commerce," Chiang wrote to Trump.
"We have a year to develop a system that works in California and which addresses the many issues
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