State treasurer, attorney general team up to explore creating California pot bank

Medible review state treasurer attorney general team up to explore creating california pot bank

California’s treasurer and attorney general will study whether the state should create its own publicly owned bank to serve the state’s now-legal cannabis industry.

On a conference call Tuesday, Treasurer John Chiang, a candidate for governor, said his office will look into costs, regulation and other operational issues the state would need to consider before creating such a bank — an entity that would be one of just two in the nation.

Chiang said the office of state Atty. Gen. Xavier Becerra also will perform a study looking at legal issues surrounding the creation of a public bank.

A public bank would be capitalized and owned by the state of California, not by private investors. There’s been a growing movement over the last few years to create more public banks, driven by advocates’ dissatisfaction with commercial banks.

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