SAN FRANCISO — Banking experts warned California leaders on Thursday that launching a state-operated public bank to serve a burgeoning, legalized marijuana industry may not be a workable solution.

Officials from Massachusetts and Colorado, states that have considered opening public banks but have not done so, told the treasurer’s Cannabis Banking Working Group meeting in Los Angeles that the multi­billion-dollar capitalization costs and limited service options associated with such institutions pose major roadblocks.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]