California Cannabis Banking Bill Clears Senate, Heads to Assembly

A California check to settle a state licence bank for cannabis businesses has upheld a Senate Floor.

Senate Bill 930, authored by state Sen. Bob Hertzberg, D-Van Nuys, would capacitate banks to emanate checks to cannabis business accountholders to be used for a following purposes:

  • Pay state and internal taxes and fees,
  • Pay vendors from California for products and services supposing to a cannabis business,
  • Pay rent, and
  • Purchase state and internal holds and other debt instruments.

“The standing quo for a flourishing authorised cannabis attention is unsustainable,” Hertzberg pronounced in a statement. “It’s not usually unreal from an accounting perspective, though it also presents a extensive open reserve problem. This check takes a singular proceed to yield all parties with a protected and arguable approach to pierce brazen on this obligatory issue.”

The bill, that upheld on a 29-6 vote, subsequent heads to a Assembly where it awaits cabinet referral.