A California bill to establish a state charter bank for cannabis businesses has passed the Senate Floor.
Senate Bill 930, authored by state Sen. Bob Hertzberg, D-Van Nuys, would enable banks to issue checks to cannabis business accountholders to be used for the following purposes:
- Pay state and local taxes and fees,
- Pay vendors from California for goods and services provided to the cannabis business,
- Pay rent, and
Purchase state and local bonds and other debt instruments.
“The status quo for our growing legal cannabis industry is unsustainable,” Hertzberg said in a statement. “It’s not only impractical from an accounting perspective, but it also presents a tremendous public safety problem. This bill takes a limited approach to provide all parties with a safe and reliable way to move forward on this urgent issue.”
The bill, which passed on a 29-6 vote, next heads to the Assembly where it awaits committee referral.
Topics California Politics Cannabis
Was this article valuable?
Here are more articles you may enjoy.
California Again Delays Wildfire Protection Rules for Homes 
One of Highest Property Claims Severity Recorded in Q3 on Low Volume, Says Verisk 
Death at Universal’s Orlando Resort Roller Coaster Ruled Accidental 
What to Expect in 2026: US P/C Results More Like 2024 
