The promise of Proposition 64 remains largely unfulfilled five years after passage. California is an example of how not to legalize marijuana.The few financial institutions that are willing to extend credit to minority-owned cannabis companies charge insane and unfair interest rates. No wonder the
called for “immediate passage” of the safe banking bill. Our communities have always been targets of predatory lenders, and the cannabis industry is no exception.Without access to banking, we have to personally guarantee the success of our businesses and face being held liable with no bankruptcy protection if they fail, which businesses often do.
Passing this legislation will help Black cannabis professionals prosper in a business that has historically been used against us, provide much-needed relief for the industry nationwide and allow our businesses to function as others do. And although it won’t fully legalize cannabis, which should be the primary goal, it would be a great start.