A member of the state tax board is on a mission to establish a banking system for California’s medical marijuana industry so growers and retailers can begin paying taxes.
Banks won’t serve the industry today because all forms of cannabis are illegal under federal law. The federal Drug Enforcement Administration regularly warns banks against providing services to the industry.
So Fiona Ma, who represents much of Northern California for the State Board of Equalization, has suggested a state-run depository that would give pot growers and sellers a method for depositing cash, writing checks and transferring funds.
“We want to collect the taxes and audit these people efficiently,” said Ma. A state run bank would ensure that people “aren’t just keeping (money) in their homes, and they aren’t bringing it to a BOE office either.” [Read more at the Sacramento Business Journal]