Los Angeles City Council Unanimously Approves Marijuana Banking Resolution
In a unanimous 12 – 0 decision the Los Angeles City Council voted today to pass a resolution urging for a change in federal law to allow banks to provide financial services to the legal marijuana industry.
Specifically the resolution calls for the passage of the SAFE Banking Act, which would change federal law to prohibit regulators from punishing banks or other financial institutions for providing services to marijuana businesses that are legally following state law.
In addition, the measure would prevent supervisory action on a loan solely because it was given to a marijuana-related business. It would also provide protection from forfeiture for financial institutions working with the marijuana industry.
In California marijuana is legal thanks to Proposition 64, a citizen’s initiative which was passed by voters in 2016.