California considers plan to encourage marijuana banking
LOS ANGELES (AP) — California legislators are considering a plan to encourage more banks to do business with its legal marijuana industry.
Most Americans live in states where marijuana is legally available in some form.
But most financial institutions don’t want anything to do with money from the cannabis industry for fear it could expose them to legal trouble since the federal government still considers marijuana illegal.
An Assembly committee Monday considered a plan that would authorize state regulators to share detailed sales, cultivation and shipping information collected from cannabis companies with banks.
Supporters hope that step would provide additional assurances to financial institutions that a pot business is operating within the law.