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California Treasurer Pursues State Bank Options for Cannabis

Nov. 7, 2017, 10:31 PM

California should study whether a state-owned bank, a bankers’ bank, or a corporate credit union could offer services to small banks or credit unions willing to serve the cannabis industry, State Treasurer John Chiang said in a Nov. 7 report.

Chiang, who is running for governor, called for a legitimate banking option for the industry as California prepares to legalize recreational marijuana use on Jan. 1, 2018. Medical marijuana has been legal in California since 1996.

He called on state and local governments to aggregate data on cannabis businesses to make it easier for financial institutions to meet anti-money ...