City-Owned Banks Dedicated To Marijuana Industry Could Be Mutually Beneficial
Gubernatorial candidate and California Lt. Gov. Gavin Newsom has called for the creation of such a bank.
Los Angeles Times:
Should California Start Its Own Bank To Serve Marijuana Companies? It Wouldn't Be Easy
Over the last year, there has been increasing interest among cannabis businesses and public officials in the idea of public banks: government-owned institutions that would take deposits, make loans and, in California at least, be willing to work with marijuana companies. ...This week, L.A. City Council President Herb Wesson said he wants to look into creating a city-owned bank that might serve cannabis businesses. (Koren, 7/27)
Los Angeles Times:
The Cannabis Candidate: Gavin Newsom Dominates Donations From A Growing Industry Aiming For Influence
California will soon have open sales of recreational marijuana, and it needs to decide how to regulate its newest cash crop. Hoping to influence those decisions, the cannabis industry is seeking access to the state’s political leaders. (Menezes and Moore, 7/27)