If you have any questions about the Cannabis Banking Working Group program, please contact CBWG.
About the Cannabis Banking Working Group
On November 8, 2016 California voters passed Proposition 64, legalizing the use of recreational cannabis. However, the use, possession and sale of cannabis remains a federal crime. The federal government still considers marijuana a Schedule I drug under the Controlled Substances Act. As a result, banks and other financial institutions generally refuse to provide services to cannabis businesses.
To solve this problem, State Treasurer John Chiang has convened the Cannabis Banking Working Group (CBWG). The working group, made up of representatives from law enforcement, regulators, banks, taxing authorities, local government and the cannabis industry, is charged with finding practical and timely ways to address the state-federal conflict.
Read more about the CBWG by accessing our Fact Sheet.
To develop actionable steps and recommendations designed to open access to the banking system to cannabis-related industries to allow an industry that is now legal in California to fully and effectively participate in commerce.