CashTransactionAtDispensaryImageMichaelGouldingOrangeCountyRegister

Oakland, California to spend $75K for public bank study

The bank could also cater to cannabis businesses, who deal primarily in cash since they are illegal under federal law.

Oakland will spend $75,000 on a study to see if creating a public bank in Oakland is feasible.

The other $25,000 needed for the study is being fronted by the city of Berkeley, officials announced at Tuesday’s Oakland council meeting where the expenditure was approved.

Oakland’s contribution came from the city’s Fiscal Year 2016-2017 General Purpose Fund.

Read More at EastBayTimes.com



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