The California Senate unanimously passed a bill that will start letting banks and credit unions accept cash deposits from marijuana retailers. The bill passed with a 35-1 vote.
Under SB-51, banks can issue special checks to marijuana businesses that can be used for specific purposes, such as paying taxes or vendors in the state. California lawmakers say that opening up more banking options will make it easier for licensed cannabis businesses to pay their taxes. How businesses pay taxes has become a major issue after the expected tax revenue fell below expectations after the first year of legalization.
Speaking about the passage of SB-51, Senator Bob Hertzberg, a Democrat from Van Nuys who wrote the bill, said “This is as close as we can get until the federal government changes its policy.”
SB-51 will now move to the California Assembly.
Our lawyers are glad to see that that the Senate is attempting to address federal policy that is making it harder for marijuana businesses to operate in the state of California. Without access to cash deposits at banks, businesses are forced to get creative if they want to comply with the law. Hopefully this bill makes it through the Assembly so that marijuana business owners will get the help they deserve.
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At Purdy & Bailey, LLP, our skilled team of lawyers is here to help you navigate California’s complex and regularly changing cannabis laws. We can provide you with seasoned legal counsel and help you grow your business and reach your goals. Whether you need help creating a new business plan or need assistance drafting employment agreements, we have the skills and experience you need to successfully operate and protect your business.
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