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CA Lawmakers Propose Privately-Financed Banks for Marijuana Sales

SACRAMENTO - California state lawmakers are proposing a plan to manage billions of dollars in special banks.

Posted: Apr 21, 2018 11:31 AM

SACRAMENTO - California state lawmakers are proposing a plan to manage billions of dollars in special banks.

Under Federal law, marijuana sales are still illegal and banks are not allowed to work with local dispensaries.

State Senator Scott Weiner is co-sponsoring a bill that would allow for the creation of privately financed banks that would be regulated by the state, to work with the cannabis industry.

Weiner said the current system is not only dangerous for dispensaries, but it’s difficult for California to collect money from.

“They want to pay taxes they want to operate like a professional business they’re frustrated because they don’t want to carry around suitcases filled with bills,” Weiner said.

Many dispensaries currently have to hire armed guards to protect storefronts and accompany cash on the road.

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