California State Treasurer Fiona Ma, CPA, convened government officials, financial institutions, regulators, labor representatives and cannabis industry leaders on Wednesday, July 29, at the California State Treasurer’s Office in Sacramento for “Continuing the Conversation: Advancing Safe and Legal Banking for California’s Cannabis Industry.” The informational forum examined the banking challenges that continue to affect California’s legal cannabis market nearly a decade after the Cannabis Banking Working Group was convened under former State Treasurer John Chiang. Participants discussed how limited access to conventional banking, lending and payment services can increase operating costs, complicate tax and regulatory compliance and require businesses to handle larger amounts of cash, creating additional public safety and administrative concerns.
