CA Senate votes to allow banks, credit unions to accept marijuana retailer deposits

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The California Senate voted almost unanimously to pass a bill that would allow banks and credit unions to accept cash deposits from cannabis retailers.

The 35-1 vote would allow banks to issue special checks to the retailers that could be used for certain purposes, including paying taxes or California-based vendors.

State lawmakers also say such banking activity would make it easier for licensed cannabis retailers to pay taxes, which fell far short of expectations in the first year after state legalization.

“This is as close as we can get until the federal government changes its policy,” said Sen. Bob Hertzberg, a Democrat from Van Nuys who wrote the bill.

The measure now moves to the California Assembly.

– Associated Press