California just began legal recreational sales on January first and now the state’s Treasurer, John Chiang has outlined the foundation for a public bank for California cannabis businesses.
The bank is intended so that these businesses do not have to operate as just cash only.
The San Francisco Chronicle has reported that Chiang as well as state Attorney General Xavier Becerra have working on a cost benefit analysis to figure out how the public bank could work.
While the treasurer will focus on costs, risks and benefits, the attorney general will focus on legal and regulatory issues surrounding the bank.
Chiang is working with 19 other states that already have legal marijuana industries to establish a similar financial insitution. He is currently running for governor of California.