Marijuana companies bolstering California governor’s race

Cannabis-related firms have so far thrown over $300,000 behind Lt. Gov. Gavin Newsom, one of the top contenders to win the state’s governor’s race next year.

Newsom was one of the more prominent public officials to back recreational marijuana legalization last year when he campaigned for the successful Proposition 64 in California, and cannabis companies are both rewarding him for that and hoping he’ll continue his support of the industry as the state’s chief executive, the Los Angeles Times reported.

For instance, Newsom “expressed interest” in the concept of a special bank designed to serve marijuana interests, according to the Times. That could solve a lot of problems for the thousands of cannabis companies in California.

To date, the cannabis industry has given Newsom $317,478, the Times reported, compared to just $5,100 for two of Newsom’s opponents.

Newsom himself has raised about $14 million so far for the campaign.

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