California Lawmakers Kill State-Backed Bank for Pot Money - NBC 7 San Diego
National & International News
The day’s top national and international news

California Lawmakers Kill State-Backed Bank for Pot Money

Most banks, though, won't handle money affiliated with the industry because marijuana is still illegal under federal law.

    processing...

    NEWSLETTERS

    Chargers Make Unexpected Kicking Change
    Justin Sullivan/Getty, File

    California lawmakers have killed a plan to create a state-backed bank to handle money associated with the recreational marijuana market.

    California's legal recreational pot industry is the world's largest.

    Most banks, though, won't handle money affiliated with the industry because marijuana is still illegal under federal law. That's forced marijuana growers, distributors and sellers to operate with cash.

    The bill by Democratic Sen. Bob Hertzberg died Thursday in an Assembly committee without debate.

    Neiman Marcus Releases 2018 Fantasy Gift Guide

    [NATL] Neiman Marcus Releases 2018 Fantasy Gift Guide

    Neiman Marcus has released the 92nd edition of its Christmas Book and Fantasy Gifts. The 2018 edition features a solar yacht, a unique tennis experience and more.

    (Published Thursday, Oct. 18, 2018)

    Hertzberg said requiring marijuana businesses to deal in cash posed dangers for operators. He called his plan a "creative approach" to a problem he hoped the federal government would eventually solve.