28 March 2017
John Chiang the California State Treasurer writes on his page
About the Cannabis Banking Working Group
On November 8, 2016 California voters passed Proposition 64, legalizing the use of recreational cannabis. However, the use, possession and sale of cannabis remains a federal crime. The federal government still considers marijuana a Schedule I drug under the Controlled Substances Act. As a result, banks and other financial institutions generally refuse to provide services to cannabis businesses.
To solve this problem, State Treasurer John Chiang has convened the Cannabis Banking Working Group (CBWG). The working group, made up of representatives from law enforcement, regulators, banks, taxing authorities, local government and the cannabis industry, is charged with finding practical and timely ways to address the state-federal conflict.
Read more about the CBWG by accessing our Fact Sheet.
factsheetMission Statement
To develop actionable steps and recommendations designed to open access to the banking system to cannabis-related industries to allow an industry that is now legal in California to fully and effectively participate in commerce.
And Quick links for interested parties
- Watch: Cannabis Banking Working Group Meeting
Mar. 27, 2017 - Watch: Cannabis Banking Working Group Meeting
Feb. 10, 2017 - Watch: Cannabis Banking Working Group Meeting
Dec. 19, 2016 - Meeting Agendas
- Glossary of Important Terms
- Letter sent to Prospective Members
- Letter sent to President-elect Trump
- Letter sent to Congressional Delegation
- Fact Sheet
