California Is Pondering a New Kind of Bank

A marijuana consultant helps a customer at a San Diego dispensary on January 1, the day pot became legal in California.Brian Cahn via ZUMA

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States can legalize marijuana all they want, but it’s still a federally prohibited Schedule I drug. This presents legal marijuana dealers with a problem: where do they keep their money? Banks are under federal supervision, and few of them want to take the chance of knowingly accepting drug money that might later get them in trouble with the feds. California, as always a bellwether for the nation, thinks it might have an answer:

California’s treasurer and attorney general will study whether the state should create its own publicly owned bank to serve the state’s now-legal cannabis industry….There are numerous obstacles to creating such an institution, especially if the plan is for the bank to openly work with cannabis companies.

….[John] Chiang and other public officials have said the lack of banking access for cannabis companies, which has left the industry largely reliant on cash, poses public safety risks and makes it more difficult for the state and local agencies to monitor the industry and ensure businesses are paying their taxes.

A pot bank! I am hereby opening the floor to proposed names for our new bank.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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