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Cali Clears the Way for State Chartered Canna-Banks

The California Senate has approved legislation to create state-chartered cannabis banks to help the industry get around restrictions on access to banking services.

The measure, Senate Bill 51, would allow banks to accept cash deposits and issue special purpose checks retailers could use to pay taxes, rent, or vendors and to purchase bonds or other debt.

To become law, the bill must still go to the Assembly and California Gov. Gavin Newsom.