Hero with a calculator: California treasurer asks Trump for guidance on pot banking issues

Hero With A Calculator: California Treasurer Asks Trump For Guidance On Pot Banking Issues

Published: Dec 2, 2016, 9:29 am • Updated: Dec 2, 2016, 7:56 pm By Michael R. Blood, The Associated Press LOS ANGELES — California Treasurer John Chiang on Friday appealed to President-elect Donald Trump for guidance on how the state’s projected $7 billion marijuana industry can participate in the nation’s banking system while pot remains illegal under U.S. law.California voters last month approved Proposition 64, which legalized the recreational use of marijuana, beginning in 2018. Largely at issue is how the state will collect an estimated $1 billion in annual taxes from legal pot sales and cultivation, when cannabis businesses can face obstacles opening bank accounts, getting loans or obtaining insurance.The “conflict between federal and state rules creates a number of difficulties for states that have legalized cannabis use, including collecting taxes, increased risk of serious crime and the inability of a legal industry under state law to engage in banking and commerce,” Chiang...

See Article on The Cannabist HERE