Report Squashes Hopes for California-Backed Marijuana Bank
SACRAMENTO (AP) — California would likely lose money and face insurmountable federal hurdles if it tried to create a state-backed bank for the marijuana industry, according to a report released Thursday by the state treasurer. The report puts an end for now to hopes California could find a way to get around banking hurdles for marijuana businesses as the state's recreational market concludes its first year in operation. A working group launched by state Treasurer John Chiang commissioned the study by a San Diego-based firm in January. State lawmakers rejected legislation for a state-backed bank earlier this year.