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.

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LA City Council Votes Unanimously to Make City the Largest in the U.S. with Legal Marijuana Stores

The Los Angeles City Council has approved legislation establishing a regulatory framework for marijuana outlets, which become legal in California next month.

The council voted 12 to 0 to approve the regulations, which will soon see the city distributing licenses for marijuana stores. Residential neighborhoods will be mostly off limits under the new rules, with buffer zones created to ensure that cannabis outlets aren’t located too close to parks, schools or libraries. It’s unclear if the regulations will be in place in time for outlets to begin cannabis sales next month.

“As lawmakers we have a responsibility to reasonably regulate this industry in a manner that is safe, inclusive, and practical,” said Los Angeles City Council President Herb J. Wesson Jr. earlier today. In addition to Los Angeles, San Francisco officials also recently approved regulations for the legal marijuana industry.

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Los Angeles Voters Approve Marijuana Initiative Measure M

Los Angeles Measure M, which advocates call the “world’s most comprehensive legalization measure”, has been overwhelmingly approved by voters.

measure mMeasure M was approved Tuesday night with 79.4% voting in favor. According to Southern California Coalition (SCC), who spearheaded the effort, Measure M is “a holistic approach to legalization, which provides Los Angeles City Council with a comprehensive, yet fluid regulatory framework, along with the ability to address issues in real time while fairly licensing, taxing and regulating the city’s state-legal marijuana industry.”

The group says the measure’s passing “will also help create an opportunity to determine the appropriate number of operators needed in order to help meet Los Angeles’ patient and consumer needs in a responsible and sensible way.”

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