California Lawmakers Kill State-Backed Bank for Pot Money - NBC10 Boston
National & International News
The day’s top national and international news

California Lawmakers Kill State-Backed Bank for Pot Money

Most banks, though, won't handle money affiliated with the industry because marijuana is still illegal under federal law.

Find NBC Boston in your area

Channel 10 on most providers

Channel 15, 60 and 8 Over the Air

    processing...

    NEWSLETTERS

    California Lawmakers Kill State-Backed Bank for Pot Money
    Justin Sullivan/Getty, File

    California lawmakers have killed a plan to create a state-backed bank to handle money associated with the recreational marijuana market.

    California's legal recreational pot industry is the world's largest.

    Most banks, though, won't handle money affiliated with the industry because marijuana is still illegal under federal law. That's forced marijuana growers, distributors and sellers to operate with cash.

    The bill by Democratic Sen. Bob Hertzberg died Thursday in an Assembly committee without debate.

    Astronauts Make History With NASA's First All-Female Spacewalk

    [NATL] Astronauts Make History With NASA's First All-Female Spacewalk

    American astronauts Jessica Meir and Christina Koch made history Friday with NASA's first all-female spacewalk. The astronauts walked outside the International Space Station to replace a faulty battery.

    (Published Friday, Oct. 18, 2019)

    Hertzberg said requiring marijuana businesses to deal in cash posed dangers for operators. He called his plan a "creative approach" to a problem he hoped the federal government would eventually solve.