World’s First Cannabis Bank Advances in California

California cannabis consumers and industry operators could enjoy a safer, more regulated legalized industry in the future, thanks to the passage of a bill to create the world’s first marijuana-focused bank.

If signed into law, SB 930 would permit banking institutions regulated by California’s Department of Business Oversight — including both charter banks and credit unions — to provide limited banking services to the currently cash-only industry. Cannabis companies could use those services to pay rent, to pay state and local taxes (but not federal taxes), or to pay other California companies for goods and services related to the cannabis space.

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