SACRAMENTO (CBS13) – The multi-billion dollar cannabis industry has continued to grow following pot legalization in California, yet cannabis businesses say they’ve been shut out of the private banking industry, creating a danger for both them and their customers.
Cannabis businesses I spoke with say they welcome the idea of a public bank. They say their banking and bill paying often involves backpacks and duffle bags full of cash.
“We’ve opened several bank accounts in the past and they’ve all been closed down within a few weeks,” said Matthew Zyberg with HUGS Alternative Care cannabis dispensary in Sacramento.
Zyberg says that like others throughout the state, his business has been shut out of the banking industry.
“They said your deposits smell like weed, so we can’t bank with you anymore,” he said.
That’s because the federal government classifies cannabis as an illegal drug and most banks and
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