Indopedia All Things Marijuana
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…
