Press Release

Hertzberg Comments on Fate of Cannabis Banking Bill

SB 930 is held in Appropriations, while five other Hertzberg bills clear key fiscal committee

August 17, 2018

SACRAMENTO –Sen. Bob Hertzberg (D-Van Nuys) expressed both delight and frustration about the fate of several of his key measures in yesterday’s Assembly Appropriations Committee suspense file hearing.

SB 930, which registered support from over 30 business groups, cannabis organizations, local jurisdictions and others, was one of Hertzberg’s most talked about pieces of legislation this year. It would have addressed the undeniable public safety risk that legal cannabis companies face due to their cash-based nature by allowing the creation of cannabis limited charter banks and credit unions.

“I was extremely disappointed to learn that SB 930 was halted,” said Sen. Hertzberg. “This is a serious public safety issue that deserves swift resolution. We’ve got barrels of cash buried all over the state, businesses being ransacked, and it’s clear that the federal government won’t act. It’s a shock to me that the state government may not act this year either - especially after this bill passed through nearly every step with bipartisan support and little to no opposition.”

The following bills authored by Hertzberg did, however, pass out of Assembly Appropriations and will be eligible for an Assembly floor vote next week:

SB 10 would reform California’s money bail system and replace the current pretrial process that often forces people of modest means accused of minor crimes to remain in jail until a court can determine their innocence or guilt while the wealthy go free.

SB 237 allows commercial and industrial customers to have a greater say in choosing their electricity portfolio by signing contracts separate from their local utility, known as “direct access.” The bill, which would eliminate an existing cap on new direct access, encourages competition and reduces prices for those customers.

SB 1131 would authorize incentives for industrial and agricultural energy efficiency projects in order to meet statewide goals, and establish new timelines for the review of these projects to verify energy savings.

SB 1147 institutes leasing and permitting reforms in the decommissioning of oil rigs, and creates a new fund to help ensure future decommissioning and removal costs are borne by the oil companies, not the public.

SB 1215 would allow the State Water Resources Control Board to identify disadvantaged communities that do not have adequate wastewater service, and would allow the Board to then facilitate service to affected residents through annexation or an extension of service to a receiving wastewater system when funding is available.

Media Contact: Katie Hanzlik
Press Secretary
Senator Robert M. Hertzberg
Capitol Building, Room 4038
(916) 651-4018