California Gov. Gavin Newsom (D) signed a bill that removes penalties for banks that work with cannabis companies. While national banks are unlikely to flood in, and federal law still applies, operators still see several benefits.

  • More state chartered banks may get in on the action, forcing them to lower the often exorbitant fees they charge cannabis clients.
  • With a place to store their cash, dispensaries and other businesses could become less attractive targets for burglaries.
  • Some say passing the law in the country’s largest market could accelerate national reform.
  • Cannabis banking reform passed the House for the third time this week as part of a pandemic-related stimulus. Some think it has a better chance of passing the Republican-controlled Senate this time.
  • Gov. Newsom also signed bills that would create regional appellations to designate where weed comes from. (No more calling a product “Humboldt” if it’s not from Humboldt.)
  • Other bills signed by the governor froze pot taxes and gave edibles makers a little wiggle room if their product tests about the state-mandated limits of 10 mg of THC per morsel.
  • ????WW California has more.

Quick Hit

  1. New Cannabis Ventures says the Golden State’s market has “kicked into growth mode.” ????Business Insider concurs.
  2. A lawsuit takes aim at the “fatally flawed” licensing process in Chula Vista, Calif.