Don’t Worry, Rest of the Country, LA is Gonna Solve the Marijuana-Banking Crisis

No matter how many cities and states come around on marijuana reform and realize that legalizing is the only way to truly diminish the black market, put a dent in our government debts, and solve the opioid epidemic that faces our country, there’s still a gigantic 24-karat gold-plated elephant in the room — banking.

Even in states where legal marijuana markets flourish under state regulation, federally-insured banks — that’s virtually all of them — continue to shut their doors to business accounts that deal with cannabis.

The City of Los Angeles may have a solution thanks to an idea they’re exploring from a nearly century-old bank in North Dakota.

With a myriad of financial dilemmas facing the nation’s second-largest city, Los Angeles City Council President Herb Wesson wants to open a bank to solve them all. The city has money in more than 800 different accounts with Wells Fargo, the banking giant still reeling from a scandal in which employees created accounts for customers without authorization to meet aggressive sales goals — customers were then hit with unauthorized charges and fees. Last fall, the city settled a massive suit with Wells Fargo for…

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