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  • Post Time Posted May 31, 2018
To battle the lack of financial services offered to cannabis companies, the California senate has overwhelmingly approved a state-backed bank that will be able to handle financial matters for legal cannabis businesses. 

Because banking and insurance companies are regulated under federal law, many, if not all, have stayed clear of doing any businesses within the medical and recreational industry due to the possibility that they can be breaking federal laws. 

States that have legalized the plant for any use have tried to fight this, but have rather begun to offer state specific programs to support the rapidly growing industry. 

Source: https://nationalmortgageprofessional.com/news/67299/california-senate-approves-state-backed-bank-marijuana-industry


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