With California’s newly legalized recreational marijuana industry set to begin January 1 and projected to generate $7 billion annually by 2020, devising a banking system for all that money is a priority. The problem is that banks, which are regulated by the federal government, won’t touch it for fear of being prosecuted criminally.
Last month,
Under Prop 64, city and county governments will be able to ban almost all cannabis activity except for personal cultivation of up to six plants in an enclosed structure and consumption, both by an adult at least 21 years old. Otherwise, local governments in California are free to restrict cannabis businesses from
Marijuana law is one of the fastest-growing areas of the law in most states throughout the country. California is no exception, particularly since the state’s voters passed Proposition 64 in the November 2016 election, legalizing recreational use of marijuana for adult users. Since then, the state
In 1996, Californians passed Prop 215 allowing qualified medical patients the right to cultivate and possess marijuana. In 2016, Californians passed Prop 64 allowing adults over the age of 21 to use marijuana recreationally. In the twenty intervening years, the Obama Administration gave California and other states assurances that if they developed