California bill seeks to legalize banking for cannabis businesses


California’s fast-rising cannabis industry, which has been forced by federal law to conduct almost all its business in cash, got a boost Thursday when legislation was introduced to allow banks to open accounts for people involved in the field.

State Sen. Robert Hertzberg, D-Van Nuys, introduced a bill that would allow California-chartered banks, credit unions and other financial institutions to open checking and savings accounts and issue checks for marijuana retailers.

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