California Seeks Role in Linking Pot Industry to Banking Services

California hopes to take the lead in giving the cannabis industry access to banking services in 2017, with a new working group focused on finding a solution to conflicts between state and federal laws that force marijuana businesses to operate largely in cash.

The Golden State has a year to come up with a plan. That’s when California’s first recreational marijuana shops are expected to open under voter-approved Proposition 64, which legalized marijuana for adults 21 and over.

“We need quick action and practical solutions,” State Treasurer John Chiang, who formed the Cannabis Banking Working Group, said on a call with reporters in December. “California is willing to assume a leadership role nationally to effectively achieve this goal.”

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