California bill to create banks for marijuana money stalls

SACRAMENTO, Calif. (AP) — A bill to let California create special banks to handle cash from the fledgling recreational marijuana industry will not pass this year.

California is the nation's largest legal marijuana market. But marijuana is still illegal under federal law, and banks have been unwilling to accept deposits from licensed pot businesses.

California Democratic state Sen. Bob Hertzberg authored a bill this year that would have let the state charter special banks to handle money from state-licensed marijuana businesses. Hertzberg announced Monday the bill would not get a vote this year. He said if California is going to do this, "we have to do it right."

Hertzberg said he will work with Gov. Gavin Newsom and state Treasurer Fiona Ma to pass the bill next year.

On-Air & Up next

  • America First
    12:00PM - 3:00PM
     

    Sebastian Gorka was an advisor to candidate Donald J. Trump and served on the staff of the White House in 2017 as Deputy Assistant to the President for Strategy. Tune in LIVE   >>

  • The Larry Elder Show
    3:00PM - 6:00PM
     
  • Jay Sekulow Live!
    6:00PM - 7:00PM
     
  • The Dan Proft Show
    7:00PM - 10:00PM
     
  • The Eric Metaxas Show
    10:00PM - 12:00AM
     

See the Full Program Guide