Report of the Chief Legislative Analyst

Report from the Chief Legislative Analyst providing a review of the California State Treasurer’s report which outlines key issues and potential strategies in four areas: (1) cash handling for the collection oftaxes and fees; (2) expanding cannabis industry access to banking services under current law; (3) the feasibility ofcreating a public or private financial institution to serve cannabis businesses; and (4) developing a strategy to change federal law and remove legal obstacles to cannabis banking. The California State Treasurer’s recommendations regarding the creation of a public financial institution outlines a number of potential issues that could arise if Los Angeles proceeds with the creation of a public bank.