Despite Proposition 64's clear mandate to end adult cannabis prohibition in California, a significant hurdle remains: how to legalize banking services for the newly legalized industry.

Cannabis is a multibillion-dollar cash-only business in our state, which invites money laundering, tax evasion and armed robberies.

Federal rules prohibit banks and credit unions from extending banking services to the cannabis businesses, despite legal recognition under California law.

California Treasurer John Chiang is taking steps forward towards resolving this cannabis banking dilemma, for which he should be commended.

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