State treasurers are reaching out to the Trump administration for marijuana – cannabis banking guidance.
California Treasurer John Chiang called on President-elect Trump to help him enable California’s marijuana $7 billion cannabis industry participate in the United States banking system while pot remains illegal as a Schedule 1 substance under U.S. law.
Chiang says California voters last approved Proposition 64, which legalized the recreational use of marijuana, beginning in 2018. Now, the challenge is “how the state of California cannabis industry will collect an estimated $1 billion in annual taxes from legal pot sales and cultivation while California cannabis businesses face serious obstacles regarding establishment of FDIC insured bank accounts, qualifying for loans to finance cannabis businesses, equipment, real estate and marijuana insurance.
Treasurer Chiang include in his letter to President Trump that the “conflict between federal and state rules creates a number of difficulties for states that have legalized cannabis use, including collecting taxes, increased risk of serious crime and the inability of a legal industry under state law to engage in banking and commerce.”
“We have a year to develop a system that works in California and which addresses the many issues that exist as a result of the federal-state legal conflict,” Chiang added. “Uncertainty about the position of your administration creates even more of a challenge.”
There is no way this marijuana acceptance by millions of Americans can be reversed! Mr. Trump and his administration MUST address this issue immediately.
This too, like the “Trump movement” is not going to be silent!
President Trump wants to create jobs? He thinks his Carrier air conditioning success with 1100 jobs was a winner?
If President Trump can fix the cannabis banking situation SOON – and this is a certainty – MILLIONS of jobs, tax collections and patients will thrive!
Reach out: Team@MyPotGuru.com