Guidance on Banking for Marijuana Business

California Treasury Seeks Trump’s Guidance on Banking for Marijuana Business

The state of California expects an increased growth in its marijuana industry and the need for participation in a banking system for this industry is much needed. Revenue from the cannabis industry in California is projected to the tune of $1 billion per annum and may even be more. With that in mind, John Chiang, the California Treasurer made an appeal to President-elect Trump to intervene and help the state’s $7 billion weed industry participate in the banking system controlled by the federal government. This is an issue that has been pending for years now even with two decades of medical marijuana legalization. The cannabis industry has not been able to join the national banking system because marijuana remains illegal at the federal level. Despite Californians being able to buy marijuana, the federal government considers it as a Schedule 1 drug and therefore, the reason why it has been locked …

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