News Stories

When Julieanne Gerard first laid eyes on Cookie three years ago, the tabby belonged to someone else and was in the backseat of a car with a rope tied around her small neck.

The feline looked starved, weighing what seemed like one pound, even though she was about 3 years old, and her teeth were rotten. The sight horrified Gerard, who said her instinct was to immediately rescue the cat from her then owners, who she described as homeless and addicted to drugs.

Gerard scrounged in her purse and dug up all that she had to her name at the time, which was a $20 bill.

California is one step closer to providing the state’s burgeoning cannabis industry with legal banking services.

Last month, the California State Senate passed a bill that would allow private banks and credit unions to apply for state charters to explicitly handle cannabis financial transactions. Under this legislation, which the State Assembly and California’s governor Gavin Newsom must approve before it becomes law, these limited-purpose charters would allow such institutions to offer depository services to licensed cannabis businesses.

by Jeff Daniels

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

Under the state legislation, which was approved by a vote of 35 to 1, private banks or credit unions can apply for a limited-purpose state charter so they can provide depository services to licensed cannabis businesses. The measure, Senate Bill 51, still requires approval of the Assembly and California Gov. Gavin Newsom to become law.

California’s technology sector has had a tough year with state and federal policymakers, to say nothing of the general public. Concerns about the size and scope of internet firms have led to a “techlash,” bringing with it uncomfortable hearings and the resurrection of truly noxious policy ideas, like the Fairness Doctrine.