While cannabis is legal in a number of states, including California, the fact the weed is still illegal at the federal level presents those in the cannabusiness with unique challenges. Namely, they have money and nowhere to put it. The California government, led by state treasurer John Chiang, is trying to solve this problem with the Cannabis Banking Working Group.
One exciting potential solution the group is developing is a public bank set up explicitly to serve the marijuana industry. Not only would this help cannabis companies, but it would help the government divest funds from Wall Street’s more problematic corporations. This would also help the local government, by providing more stable investments for state funds.