California Considers Green Banking
function share_this(num) {
 tit=encodeURIComponent('California Considers Green Banking');
 site = new Array(5);
 return false;

California Considers Green Banking
Posted by CN Staff on December 17, 2017 at 07:04:15 PT
By Patrick McGreevy
Source: Los Angeles Times
Los Angeles -- California has a possible solution to the problem of banks being unwilling to handle money from the state’s multibillion-dollar legal marijuana industry, one that officials say would be the first system of its kind in the nation.Talks are underway between the state, banks and federal regulators on a plan to allow banks to serve a marijuana market that is expected to grow to $7 billion annually by 2020 in California. Starting Jan. 1, it will be legal to grow and sell marijuana for recreational and medical uses.
State officials say without banks taking pot money, thousands of cannabis businesses will be storing and transporting billions of dollars in cash for paying employees, suppliers and state and local taxes, which could result in robberies and violence.“We know there is a concern with having so much cash flowing around on the street in transactions for what is now a state legal product,” said Peter Williams, deputy secretary and general counsel for the state Business, Consumer Services and Housing Agency. “The administration is looking for a solution to the problem. We are all concerned about the public safety issue here, and we think this is an idea to help mitigate that problem.”For those who use, it could eventually mean you could use a credit card to buy. At the moment, purchases must all be made in cash. For those who live near pot shops, the banking system could mean fewer robberies and less violence in the neighborhood because large amounts of cash will no longer be sitting in shops or driven to tax offices.The issue has implications beyond California. Twenty-nine states have legalized the possession and sale of marijuana for medical uses, and eight of those have approved cannabis for recreational purposes. Several other states are expected to have marijuana legalization measures on the ballot next year.Marijuana remains illegal under federal law so federally regulated banks have refrained from handling industry proceeds.Officials in Gov. Jerry Brown’s administration have quietly met with representatives of 65 banks and credit unions over the past few weeks about creating a network of financial institutions that would accept funds from pot businesses in a way that would guarantee federal banking regulators that the cannabis industry money is subjected to special tracking, oversight and transparency.The green banking proposal: To designate one bank as a central correspondent bank that would hold accounts from other banks that are doing business with marijuana firms.When a pot retailer wants to pay a distributor for a crop, the transaction would go from the retailer’s bank through the central correspondent bank, which would instantly clear payment through the distributor’s bank.Setting up a special clearinghouse for marijuana money would allow the state to provide a second level of compliance oversight by assigning examiners to make sure special restrictions set by the federal government are followed, suspicious activity reports are filed and the number and scope of transactions through the central bank are tracked.“We think that adds to the transparency of our system that will also be looked upon favorably to the federal government,” Williams said.Some banks have expressed interest in participating, he said. The state will now await decisions by the boards of directors of banks that are willing to voluntarily participate in such a network. It will be up to those banks to design the network with contracts.It would not take legislation, Williams said.Similar central correspondent bank arrangements exist to help the credit union industry, according to Russ Heimerich, a spokesman for the state Business, Consumer Services and Housing Agency.Brown is not the only official concerned about the lack of banking for the cannabis industry. Last month, a task force created by California Treasurer John Chiang, who is running for governor in 2018, recommended that officials consider creating a separate, government-owned bank that could serve cannabis businesses.The idea of a correspondence bank has been discussed by financial experts in the cannabis industry including Chiang’s working group and has merit, according to Hezekiah Allen, head of the California Growers Assn.The idea, Allen said, is “clearly the most feasible, most direct path to expanded banking services.” The correspondence bank is a completely different proposal than Chiang’s government-owned bank.Some leaders of the federally regulated banking industry are skeptical of any solution short of action by federal law enforcement and Congress.“Until the federal government changes its position on the classification of the drug, a bank would be jeopardizing its charter by providing services to entities that take in money from these businesses,” said Beth Mills, a spokeswoman for the California Bankers’ Assn. “The drug is still illegal at the federal level, and working through a correspondent bank were there to be one, would not change that fact.”Until federal law changes, the only solution would be direct immunity to banks dealing with the pot industry, Mills said.Those who think the Brown administration’s proposal has merit include Jim Brush, president and CEO of Summit State Bank in Santa Rosa.“It will probably work,” Brush said, noting banks already do business with the federal and state governments who accept taxes directly from the marijuana industry.The Brown administration has consulted with federal officials on its proposal and has incorporated some suggestions from Washington, Williams said.State officials don’t expect the federal government to formally approve any plan.“They don’t sign off on anything,” Williams said. “You will know that they don’t like it because they will start shutting down banks that are doing it.”Source: Los Angeles Times (CA) Author: Patrick McGreevyPublished: December 17, 2017Copyright: 2017 Los Angeles TimesContact: letters latimes.comWebsite: -- Cannabis Archives 
Home Comment Email Register Recent Comments Help 

Comment #14 posted by Hope on December 25, 2017 at 11:47:22 PT
Hallelujah! Hallelujah!
Well said, Afterburner, my old friend. Well said. "We celebrate the birth of the Son of Man and his anointing as the Christ, his use of the power of the Holy Spirit and his promise of our salvation."Here we are again with another round of holidays together... again. Lol! Hey... this disaster... the war on drugs... the prohibition pograms... whatever you want to call them.. they are a disaster and were even more disastrous and deadly back when we all first waded into the scary, stinky, smelly mess. It's hard to believe we're still trying to talk the sociopathic prohibitionists into a saner way. But it is working. People have been waking up. Changes are happening.Hallelujah! and Merry, Merry Christmas, dear friends.
[ Post Comment ]

Comment #13 posted by afterburner on December 25, 2017 at 10:42:32 PT
Merry Christmas to Everyone
It's been a trying year since the election and the endless alternative reality and fake news. However, we soldier on with the power of the majority to free God's most versatile herb for nutrition, healing and spirituality. We celebrate the birth of the Son of Man and his anointing as the Christ, his use of the power of the Holy Spirit and his promise of our salvation. May you and your family and friends experience the joy and the hope, that by our long resistance to fake laws, have bloomed into a worldwide victory that keeps growing every day.
[ Post Comment ]

Comment #12 posted by Hope on December 21, 2017 at 11:38:58 PT
Sam Adams and BGreen
Thank you so much for your good vibes and prayers. I have no doubt that many, many came together with hope I'd survive. They cared. You cared. I'm very thankful. I have so many people to thank and be thankful for. Including all of you here. For sure, all of you here. Had Enough called me at the hospital from Florida and we must have talked an hour. Someone else, I think, did, too. The fog has it. Sorry, I can't remember.I am loved. I have no doubt of that. Thank you, guys.The juices within that your body produces when you love and know you are loved, are, in fact, very good for you. I don't doubt it. I feel it.
[ Post Comment ]

Comment #11 posted by Sam Adams on December 21, 2017 at 05:52:25 PT
That is some fantastic news and I needed some today! I'm glad you were able to get healthy, you must have fought hard to win this battle. don't worry, I get lost finding my way back to the waiting room all the time!
[ Post Comment ]

Comment #10 posted by BGreen on December 21, 2017 at 02:06:12 PT
That's awesome, Hope!
I know that Mrs. Green and I were sending some powerful energy your way because of our love for you, which is a direct result of the love you've thrown our way. It's a mutual love fest which is all the more amazing since we've never met in person. The true power that helped you heal is one that exists outside of the physical, one that has allowed us to come together with the ultimate goal of making the world a better place.We are thrilled for you!Bud
[ Post Comment ]

Comment #9 posted by Hope on December 20, 2017 at 11:18:56 PT
Thank you, FoM.
I was told by an oncology nurse that the way my family and friends all supported me in that time of need had a lot to do with my being able to survive it all. A lot. My husband threw a dinner party every Sunday and my family and friends were always here and here on line and sending prayers and good vibes all over the place in support of me. It was amazing.I'm so thankful. There was definitely a gift I got from all that. Before I got sick, I was a bit inclined to be maybe a little bit into self pity from time to time. "Nobody loves me. Everybody hates me. I'm going to eat some worms." Lol!Now I know better. I am loved. If I get to thinking nobody loves me. I stop. I know now, for sure, that that's just a foolish and depressing spirit trying to bring me down. Away, sad spirit! I know now, without a doubt, that I am very well loved.
[ Post Comment ]

Comment #8 posted by FoM on December 20, 2017 at 05:20:17 PT
You are the best and I couldn't be happier for you! Love you lady!
[ Post Comment ]

Comment #7 posted by Hope on December 19, 2017 at 16:20:59 PT
Thank you, FoM.
You comforted and encouraged me so much through the rough times. I appreciate you so much for that. Thank you, again.I remember you kept telling me, "You are going to be alright. I know you are going to be alright."I believed you. You were right. Thank you so much.
[ Post Comment ]

Comment #6 posted by FoM on December 19, 2017 at 15:55:25 PT
Cured is the most magnificent word! Merry Christmas my dear long time friend! I love you! I wish I could hug you!
[ Post Comment ]

Comment #5 posted by Hope on December 19, 2017 at 10:34:53 PT
Love me the work of dear Mr. Angell.
Senior Senate Dem Signs Bill To Punish States With Bad Marijuana Laws
[ Post Comment ]

Comment #4 posted by Hope on December 19, 2017 at 09:24:28 PT
Comment 2. Recalling if I told you or not...
Still got some brain fog... but not as much. Not nearly as much. Lol! I told the doctor I thought my brain fog had improved drastically, and it has. Then I walked through the door and got lost in the hallway! Oh well. Keep on truckin'!
[ Post Comment ]

Comment #3 posted by Hope on December 19, 2017 at 09:14:08 PT
They can talk about it... that's all.
V.A. Issues New Medical Marijuana Policy For Military Veterans The directive urges government doctors to "discuss with the Veteran marijuana use, due to its clinical relevance to patient care, and discuss marijuana use with any Veterans requesting information about marijuana."However, the policy reiterates the department's long-held position that "to comply with Federal laws such as the Controlled Substances Act...providers are prohibited from completing forms or registering Veterans for participation in a State-approved marijuana program."V.A. Misstates Federal LawIn fact, no provision of federal law blocks the department from allowing its doctors to fill out medical cannabis recommendation forms in states where it is legal, even under continued federal prohibition.
[ Post Comment ]

Comment #2 posted by Hope on December 18, 2017 at 16:03:04 PT
Off Topic
I may have already told you guys this, but I'll tell it again in case I haven't. My last visit to the oncologist, she joyfully informed me that she considers me cured of the cancer I had. Cured. She didn't say, "In remission". She said "Cured". She's an oncologist of some renown. She's several times been voted by other physicians as one of the best doctors in Dallas. She's no slouch.Cured!She said the kind I had is a "Bad actor" (Triple Negative. Stage 3). It usually comes back, she said. Usually within 18 months to five years. She says she's never seen it come back after seven years. Ever! She says she considers me "Cured".She said, "Go. Be happy. Enjoy your life."Just thought you guys might want to rejoice about that with me.Cured!
[ Post Comment ]

Comment #1 posted by The GCW on December 17, 2017 at 16:11:05 PT
It IS going to happen.
Notably absent in this discussion is Sessions!In one regard, that's the way it should be; disregarding the antagonist.On the other regard, Sessions should get on board with a reality which is NOT going away and have a positive direction for this to work in Our great nation.
[ Post Comment ]

Post Comment