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.
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