Assemblyman Tom Lackey (R-Palmdale) recently authored a resolution that calls on the president and Congress to support policies allowing banks and credit unions to provide financial services to entrepreneurs in the medical cannabis industry. The resolution has been cosponsored by George Runner, vice-chairman of the State Board of Equalization, and board member Fiona Ma.
“Regardless of your opinion on cannabis, the clear lack of financial services for medical cannabis-based businesses does not serve Californians well,” Lackey said. “The bipartisan support for solving this problem sends a strong message to Congress that the current system is not working.”
The federal government does not recognize state laws legalizing medical marijuana, and it is said to be nearly impossible for those in the medical cannabis industry to acquire bank accounts. The conflict between federal state laws has also left financial institutions that serve cannabis-related businesses on uncertain legal ground.
“Removing this barrier to the medical marijuana industry will go a long way towards improving public safety and bringing about greater tax compliance,” Runner said. “The current cash-based system is just too dangerous.”