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California Wants to Open Banks for Weed Cash



The legal weed market is overflowing with green — bags and bags of dollar bills. Since marijuana is a federal controlled substance, and most banks won’t touch businesses involved with the drug, dispensaries and growers are drowning in cash. It’s putting their businesses at risk and complicating efforts by local and state officials to reap the billion dollars in tax revenue the industry is projected to earn California each year, state officials say. But California’s head banker wants to change all that.