Here’s the report in full

The Santa Rosa Press Democrat write

“We went in to try to find a way to make it work,” said William Roetzheim, the founder of Level 4 Ventures, a business analytics firm based in San Diego that studied the feasibility of cannabis banking, then wrote the report and presented it to the state working group on Thursday. “Every single channel through the set of possibilities that we followed ended up reaching a dead end.”

Instead, Roetzheim and his team wrote that the thorny banking issue has to be ultimately settled at the federal level, given that marijuana is still classified as an illegal drug under federal law — in the same class as heroin and LSD. Therefore, most banks will not open accounts for cannabis-related enterprises. They fear losing their banking charters, something that would put them out of business.

“While today’s announcement may not lay out the path some of us had hoped, it did reinforce the inconvenient reality that a definitive solution will remain elusive until the federal government takes action,” Chiang said at the last hearing of his working group. “They must either remove cannabis from its official list of banned narcotics or approve safe harbor legislation that protects banks serving cannabis businesses from prosecution.”