Treasurer Chiang Releases Recommendations to Address Lack of Banking for Cannabis Industry

JB Woods
Posted at 11/14/2017 2:39:33 PM

PR17:59
Nov. 7, 2017
Contact: Marc Lifsher
news@sto.ca.gov
916-653-2995
 
SACRAMENTO – State Treasurer John Chiang today released a report outlining steps California can take to address the lack of banking services that force much of the cannabis industry to operate in cash.

“It is unfair and a public safety risk to require a legal industry to haul duffle bags of cash to pay taxes, employees and utility bills,” said Chiang. “The reliance on cash paints a target on the back of cannabis operators and makes them and the general public vulnerable to violence and organized crime.”

...more

Categories: Banking & Payment Processing
Tags:
  • california
  • banking
  • cannabis
  • marijuana banking
0 Comments
  • 1