The cannabis industry’s hope for California to establish a bank for the sector was dashed Thursday with the release of a highly anticipated report that said such a move would place state funds and workers at risk with no guarantee of success.
The conclusions of the 151-page report delivered to a cannabis banking working group led by state Treasurer John Chiang derail attempts to establish a public bank for marijuana companies when state lawmakers reconvene in Sacramento in January.
Supporters hoped a favorable report would provide momentum for the Legislature to clear the way for such a bank to help bring the multibillion-dollar cannabis industry — still mostly a cash-only business almost one year after marijuana was legalized for recreational use in California — into the financial mainstream.
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