Cannabis Banking Working Group Meets
State Treasurer Chiang Hopes to Address "All-Cash" Issues
The Cannabis Banking Working Group met for the first time this week, convened by California Treasurer John Chiang. The group includes representatives from local government, law enforcement, regulators, banks, taxing authorities, and the cannabis industry. The focus is on addressing the conflict between state and federal laws that limit the industry’s ability to participate in traditional banking and commerce services.
At this week’s meeting (agenda and recording available here), members heard feedback from panels representing the cannabis industry, banking institutions, and public agencies with responsibilities for tax collection on the question “what impact has the lack of banking access had on your group, organization, or industry?”