Solving the banking problems for California’s marijuana industry

Rebecca Olmos,

State Treasurer’s Cannabis Banking Working Group provides possible solutions

Cannabis is classified as a Schedule 1 drug, defined by the United States Drug Enforcement Agency as having “no currently accepted medical use and a high potential for abuse.” This classification subjects cannabis to the same federal regulations as other drugs listed in this category including ecstasy, LSD and heroin.

However, state laws view cannabis in different ways. This is creating problems since states are beginning to legalize it, and cannabis companies are generating significant revenue.

In the first few years after legalization, recreational cannabis is estimated to bring California $1 million in tax revenue according to the Legislative Analyst Office. Arcview Market Research estimates that it

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