The state treasurer of California has announced she will be convening a hearing next week to highlight the marijuana industry’s banking access “challenges” and the effect it has on businesses, workers and communities.
The hearing, hosted by Treasurer Fiona Ma (D), comes ten years after a predecessor of hers in the role launched a Cannabis Banking Working Group to examine the issue.
Titled, “Continuing the Conversation: Advancing Safe and Legal Banking for California’s Cannabis Industry,” the hearing on Wednesday will feature state and local officials, financial institutions and marijuana business representatives. The intent is to “review the progress made, discuss remaining barriers and consider practical steps California can take to support a safe, transparent and well-regulated legal cannabis market,” a press release from Ma’s office said.
“Nearly a decade after the launch of the Cannabis Banking Working Group, California’s legal cannabis industry continues to face barriers to accessing affordable and reliable financial services because of the ongoing conflict between state and federal law,” Ma said. “This hearing will help us assess what has changed, identify the challenges that remain and continue the conversation about practical solutions that support public safety, transparency and responsible business operations.”
Last month, bipartisan U.S. House
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