Will Los Angeles Solve the Cannabis Banking Problem First?

Big cities have lots of problems to solve and LA is no different. The City is taking an interesting approach to lassoing a few at once by discussing the creation of a public bank, a little-used financing structure recently explored by Santa Fe, New Mexico, and whose only successful implementation might have been a bank set up for North Dakota farmer's in 1919. Interestingly, an LA version of the public bank could be designed to handle legal cannabis cash as well as affordable housing projects. In an article in the Los Angeles Daily News, "Los Angeles city leaders are looking into the possibility of setting up a public bank that would do business with marijuana dispensaries, as well as cater

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