Government,
Banking,
Administrative/Regulatory
Jun. 5, 2019
Cannabis banking bill isn’t the solution, but a step in the right direction
SB 51, which passed by a 35-1 vote on May 21, would allow for the creation of state-chartered cannabis banks or credit unions to provide certain limited services to licensed cannabis businesses.
Yelena Katchko
Founding Member and Equity Partner
Katchko Vitiello & Karikomi PC
11500 W Olympic Boulevard
Los Angeles , CA 90064
Email: ykatchko@kvklawyers.com
To alleviate some of the problems resulting from the inability of cannabis businesses to use the traditional banking system, the California State Senate recently passed Senate Bill 51, the Cannabis Limited Charter Banking and Credit Union Law. SB 51, which passed by a 35-1 vote on May 21, would allow for the creation of state-chartered cannabis banks or credit unions to provide certain limited services to licensed cannabis businesses. Specifically, cannabis businesses...
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