Legal Marijuana Propelling Public Banking
Above Photo: Courtesy LA City Council
Things are moving fast in California. A Los Angeles City Council committee approved a resolution February 16 to support the recently introduced state bill that would create a Public Bank that could take deposits from legal marijuana businesses.
California Senate Bill 930, introduced at the end of January, would establish a state-chartered bank that would “allow a person licensed to engage in commercial cannabis activity to engage in banking activities in California”.
The LA resolution to support SB 930 was proposed by Council President Herb Wesson and approved by the council’s Rules, Elections and Intergovernmental Relations Committee.
Wesson proposed creating a Public Bank for the City of Los Angeles in July 2017.
Back in January, Wesson fired back at U.S. Attorney General Jeff Sessions, who said he would be rescinding an Obama-era practice of not prosecuting some marijuana-related crimes in states that had legalized it.
“We will not be bullied by an out-of-town and out-of-touch politician. The voters of California and Los Angeles have spoken and we will continue doing our job of reasonably regulating the cannabis industry in spite of Washington running amok.”