California State Treasurer Fiona Ma will host a public hearing next week focused on the banking challenges facing the state’s legal marijuana industry.
The informational hearing, titled “Continuing the Conversation: Advancing Safe and Legal Banking for California’s Cannabis Industry,” is scheduled for July 29 from 1 to 4 p.m. at 915 Capitol Mall in Sacramento.
State and local officials, financial institutions, regulators and marijuana industry representatives are expected to participate.
The hearing will examine how the continuing conflict between state and federal marijuana laws limits access to traditional banking, lending and payment services.
Although some financial institutions work with state-licensed marijuana businesses, many companies continue to face higher costs, limited financing options and difficulties completing routine financial transactions.
Restricted banking access can also force businesses to handle larger amounts of cash, creating additional security and administrative concerns.
“Nearly a decade after the launch of the Cannabis Banking Working Group, California’s legal cannabis industry continues to face barriers to accessing affordable and reliable financial services because of the ongoing conflict between state and federal law,” Ma said.
Ma said the hearing will assess progress made in recent years, identify the barriers that remain and discuss practical solutions intended to support public safety, transparency and responsible business operations.
The hearing will also revisit the work of the Cannabis Banking Working Group, which was established by former California State Treasurer John Chiang in 2016.
The event will be open to state lawmakers, members of the media and the public. Online participation will also be available.
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