State Treasurer John Chiang Proposes State Run Bank

marijuana-buds-on-money
marijuana-buds-on-money

Marijuana buds on money

California is trying to make banking accessible for the state’s projected seven-billion dollar legal marijuana industry. State Treasurer John Chiang yesterday proposed a courier service, where the money would come to the state, and the state would be the party that would interact with the banks. Under the plan, armored vehicles would pick up cash from marijuana businesses and then transport those tax dollars to a secure counting facility. The cash would then be taken to either a federal reserve facility or a financial institution willing to “accept the cash as deposits to state accounts.”