Legislation to create cannabis banking alternative clears state Senate

A bill that would allow financial institutions to offer limited banking services to the state’s legal cannabis businesses cleared the state Senate Wednesday.

Senate Bill 930, introduced by Sen. Bob Hertzberg, (D-Van Nuys), passed the Senate on a 29-6 vote, according to Hertzberg’s office.

The bill seeks to allow the $10 billion legal cannabis industry to use financial instruments so that it does not have to do all its business in cash. The industry is currently locked out of the banking industry,…

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