{"id":8260,"date":"2018-05-10T01:58:12","date_gmt":"2018-05-10T01:58:12","guid":{"rendered":"https:\/\/www.420magazine.com\/?p=18028"},"modified":"2018-05-10T01:58:12","modified_gmt":"2018-05-10T01:58:12","slug":"ca-bill-would-create-state-bank-for-pot","status":"publish","type":"post","link":"https:\/\/cannitrol.com\/blog\/ca-bill-would-create-state-bank-for-pot\/","title":{"rendered":"CA: Bill Would Create State Bank For Pot"},"content":{"rendered":"<div id=\"wp_fb_like_button\" style=\"margin:5px 0 5px 5px;float:right;height:100px;\"><script src=\"http:\/\/connect.facebook.net\/en_US\/all.js#xfbml=1\"><\/script><fb:like href=\"https:\/\/cannitrol.com\/blog\/ca-bill-would-create-state-bank-for-pot\/\" send=\"true\" layout=\"standard\" width=\"450\" show_faces=\"false\" font=\"arial\" action=\"like\" colorscheme=\"light\"><\/fb:like><\/div><p>California\u2019s once-maverick marijuana industry faces some unique roadblocks to doing business, so state officials have stepped in to help. Although recreational cannabis use became legal on Jan. 1, ganjapreneurs are still dragging out bags of cash from dispensaries every day, as they\u2019re unable to deposit their pot proceeds at any federally insured financial institutions.<\/p>\n<p><a href=\"https:\/\/leginfo.legislature.ca.gov\/faces\/billNavClient.xhtml?bill_id=201720180SB930\">SB 930<\/a>, written by state Sen. Bob Hertzberg (D-Van Nuys), could change that. The bill, which recently cleared a subcommittee with bipartisan support, would license limited banking to pot growers and sellers.<\/p>\n<p>Pot is still banned by the feds, so much of the industry continues to operate as cash-only. Since most traditional banks refuse to work with canna-businesses, pot workers get massive headaches over audits and security concerns by carrying around literally millions of dollars in cash. That one person who shows up at the bank to deposit an entire Mason jar of change because they don\u2019t know about CoinStar? That\u2019s what your local dispensary is like right now for the state, which expects to collect more than $600 million in cannabis taxes this year.<\/p>\n<p>Dispensaries would be able to make deposits, pay their taxes, pay rent and vendors, and buy state and local bonds. They would also be required to purchase private insurance, as the Federal Deposit Insurance Corp. would not cover them. Cannabis banks would not be allowed to issue loans.<\/p>\n<p>\u201cWhat we\u2019re trying to do is to create a controlled system that helps us get as much cash into vaults as possible, gets the government paid as much as possible and takes out as much risk to public safety as possible,\u201d Hertzberg said.<\/p>\n<p>Buddy\u2019s Cannabis on North 10th Street in San Jose has an account with merchant processing, but owner Matt Lucero said he\u2019s been forced to switch banks seven times in the eight years they\u2019ve been open.<\/p>\n<p>\u201cI\u2019d probably maintain status quo, but feel much more comfortable knowing there\u2019d be a Plan B if and when my current relationships are disrupted,\u201d he said. \u201cIt\u2019s always been notices by the bank saying, \u2018We no longer are interested in doing business with a cannabis business.\u2019\u201d<\/p>\n<p>Whether it\u2019s on the spot or a 30-day notice, Lucero noted, \u201cIt\u2019s always disruptive to the business.\u201d<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.420magazine.com\/420-news\/international-cannabis-news\/ca-bill-would-create-state-bank-for-pot\/\">CA: Bill Would Create State Bank For Pot<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.420magazine.com\">420 MAGAZINE \u00ae<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>California\u2019s once-maverick marijuana industry faces some unique roadblocks to doing business, so state officials have stepped in to help. Although&#8230; <a href=\"https:\/\/www.420magazine.com\/420-news\/international-cannabis-news\/ca-bill-would-create-state-bank-for-pot\/\" class=\"read-more\">[Read More]<\/a><\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.420magazine.com\/420-news\/international-cannabis-news\/ca-bill-would-create-state-bank-for-pot\/\">CA: Bill Would Create State Bank For Pot<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.420magazine.com\">420 MAGAZINE \u00ae<\/a>.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1616,9,1,3],"tags":[4184],"_links":{"self":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/posts\/8260"}],"collection":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/comments?post=8260"}],"version-history":[{"count":0,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/posts\/8260\/revisions"}],"wp:attachment":[{"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/media?parent=8260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/categories?post=8260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannitrol.com\/blog\/wp-json\/wp\/v2\/tags?post=8260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}