LOS ANGELES (AP) – An agreement in California could open the way for more marijuana companies to access checking and other banking services.
Broad legal pot sales got underway in California in 2018, but many banks remain reluctant to handle cannabis industry money.
They fear it could expose them to legal trouble from the federal government, which still considers marijuana illegal.
An agreement between the California Cannabis Industry Association and the North Bay Credit Union will make banking services available for the association’s membership.
The group says the deal will “alleviate the banking obstacles that cannabis operators face.”