After a year of meetings and hearings, California’s working group on marijuana and banking issued its final report Tuesday. It’s overarching conclusion? California can only do so much to entice banks and credit unions to open accounts for marijuana-related businesses.
“A definitive bulletproof solution will remain elusive until the federal government removes cannabis from its official list of banned drugs or Congress approves safe harbor legislation protecting banks that serve cannabis businesses from prosecution,” Treasurer John Chiang told reporters gathered at the state Capitol.
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