Sacramento, Calif. – A resolution sponsored by Board of Equalization Members George Runner and Fiona Ma passed the Senate on a 36-3 vote. AJR 25 (Lackey) calls on the President and Congress to support policies allowing banks and credit unions to serve those in the medical cannabis industry.
“Our current cash-based system isn’t safe for anyone,” said Runner. “In fact, law enforcement officials have identified this as a key reason for marijuana-related crime and corruption.”
Since the federal government does not recognize state laws legalizing medical marijuana, it’s nearly impossible for those in the cannabis industry to have bank accounts. Conflicting federal and state laws have left financial institutions that wish to serve cannabis-related business on uncertain legal ground.
“Regardless of your opinion on cannabis, the clear lack of financial services for medical cannabis-based businesses does not serve Californians well,” said author Assemblyman Lackey, a former CHP officer. “The bipartisan support for solving this problem sends a strong message to Congress that the current system is not working.”
AJR 25 is co-authored by Assembly Members Bonta, Cooley, Jones-Sawyer, Wilk, and Wood. The resolution will now be transmitted to Congress.
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