State Treasurer Forms Cannabis Banking Working Group
December 8, 2016
State Treasurer John Chiang announced a new Cannabis Banking Working Group to develop solutions on how to implement Proposition 64 (Adult Use of Marijuana Act) and address the conflict between state and federal law. This includes the cannabis industry’s ability to effectively participate in the state and nation’s banking system for what is traditionally a cash-heavy industry.
The new Prop 64 tax structure is expected to produce $1 billion in new revenues once implemented. CSAC has been invited to participate alongside representatives of law enforcement, banking regulators, the banking industry, taxing authorities, local government, and the cannabis industry. Further details are available in Treasurer Chiang’s new release.