By Benjie Cooper
IG: @nuglifenews
YouTube: Lucid’s Vlog
When California voters decided to pass Proposition 64 in 2016, they opted to mobilize an industry with massive financial potential in a state with one of the leading economies in the world.
The medicinal cannabis market had already been in operation for years under Proposition 215 and SB420, but the newly legalized recreational marijuana industry was still bound to the same banking rules which meant that all transactions would still be tied to a cash-based system.
But when a state’s economy is the fifth largest on the planet and exists in a world that relies heavily on electronic transactions for personal convenience and everyday business, cash is not a feasible option in the long run.
Being forced to deal strictly with cash creates security hazards for businesses and their customers, making them potential targets for violent crime. A cash-based system also creates issues for state and local revenue collection agencies.
But the California Bureau of Cannabis Control is aware of the issues stemming from the current cash-only system and the state is looking into the possibility of deviating from it.
On Thursday, December 27, the 18 members of the California’s Cannabis Banking Working Group (CBWG), chaired by State Treasurer John Chiang, will be holding a public hearing where they will be presented with the results a cannabis banking feasibility study conducted by Level 4 Ventures, Incorporated.
After receiving recommendations from a 2017 CBWG report, the State Treasurer’s Office commissioned the study in August 2018 to explore the possibility of a public cannabis bank. The report will be available on the California State Treasurer’s website on Thursday.
Canabis Banking Working Group Public Hearing
Thursday, December 27, 2018
1:00 p.m.
California State Capitol
1315 10th Street
Sacramento, CA 95814
Facebook Live Stream Link
