LA’s weed industry needs a bank. City leaders might create one it can use
Los Angeles city leaders are looking into the possibility of setting up a public bank that would do business with marijuana dispensaries, as well as cater to affordable housing developers.
Council President Herb Wesson proposed the idea in a speech at City Hall, laying out his agenda for the next two years.
He said a municipal bank would be able to focus on providing financing to small businesses and developers of affordable housing.
The announcement comes as Oakland also is considering opening its own bank.
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