With marijuana sales set to become legal in California soon, a working group there says that a state-backed financial institution should be among the measures weighed to address the lack of banking services available to the pot industry.
First Green Bank in Florida started researching the business after its chairman saw how medical marijuana had helped his wife cope with a severe injury. The bank is now turning a profit a year after adding its first pot-related client -- and there could be lessons there for credit unions.
Democratic lawmakers in favor of legitimizing marijuana business are not being discouraged by the Trump administration's comments indicating it may pursue a federal crackdown in states where pot is legal.
Attorney General-designate Sen. Jeff Sessions R-Ala., could pose a roadblock for marijuana businesses seeking financial services, but might also end a controversial Justice Department program targeting payment processors and financial institutions.