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December 5, 2016
LOS ANGELES (AP) — California Treasurer John Chiang on Friday appealed to President-elect Donald Trump for guidance on how the state's projected $7 billion marijuana industry can participate in the nation's banking system while pot remains illegal under U.S. law.
California voters last month approved Proposition 64, which legalized the recreational use of marijuana, beginning in 2018. Largely at issue is how the state will collect an estimated $1 billion in annual taxes from legal pot sales and cultivation, when cannabis businesses can face obstacles opening bank accounts, getting loans or obtaining insurance.
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