Posts tagged cannabis banks california
SB 51 Cannabis Banking Reform Progresses in California

Many cannabis businesses in California remain unbanked due to the perceived risks of banking with cannabis companies. Despite FinCEN guidance and different levels of SARs reporting available to banks, many still steer clear of cannabis companies, viewing it as too risky. The result is that even though over 500 banks have filed cannabis related SARs recently, thousands of cannabis companies in California are still operating on a cash-only basis. To address this issue, California’s State Senator Bob Hertzberg has re-introduced a bill that would enable limited-purpose banking through private banks and credit unions. Senate Bill 51 would create the Cannabis Limited Charter Bank and Credit Union Law and a corresponding advisory board to oversee all financial activity related to cannabis businesses opting to use these state-chartered cannabis banks.

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