California Cannabis Banking Bill Clears Senate, Heads to Assembly
Posted On May 31, 2018
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.