California is starting to assess whether a public bank would better serve the state’s marijuana industry.
On Tuesday, California Treasurer John Chiang announced that he and the state attorney general’s office will be moving forward with a feasibility study.
Most private banks won’t work with cannabis businesses because marijuana use is illegal under federal law. Chiang -- who is running for governor -- says California will conduct a two-part feasibility study on whether a state-backed bank would provide a viable alternative.