Marijuana Banking Bill Pulled By Sponsoring Senator

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A bill that would have provided an alternative banking system for cannabis companies in California is being pulled by the state senator who proposed it.

Democratic Senator Bob Hertzberg says his bill will not be getting a vote this year, citing a desire to get the law right. While marijuana is legal in California, it's still illegal nationwide. As a result, federally-insured banks have not wanted to accept deposits from licensed pot businesses.

The legislation would have allowed the state to create banks specifically to handle money from companies in the marijuana industry.

Hertzberg says he will bring the bill back next year.

Photo: Getty Images

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