City of L.A. Supports Non-Federal Bank for Pot Shops

The state-chartered bank could be used by the marijuana industry to deposit cash.

KNX Afternoon News
March 01, 2018 - 3:43 pm

LOS ANGELES (KNX1070) - The Los Angeles City Council has voted to support a state senate bill that would create a state-chartered bank that could be used by the marijuana industry.

Most banks refuse to deposit money from marijuana businesses because marijuana is still illegal under federal law.

The resolution approved on an 11-0 vote supports Senate Bill 930 and could remove the fear of robberies for owners since pot shops are forced to be all cash businesses.