CA AJR28

Urges Congress and the President to pass legislation allowing financial institutions to provide banking services to cannabis businesses

Cites federal Schedule I classification of cannabis as discouraging banks from serving the cannabis industry, forcing businesses to operate primarily in cash

Notes California's regulated cannabis industry projected to contribute billions to the state economy, with sales expected to reach $6.6 billion by 2025 and create approximately 9,048 jobs by end of 2018

Identifies lack of banking access as creating public safety concerns, disproportionately preventing communities affected by the war on drugs from benefiting from commercial cannabis opportunities

References the January 4, 2018 rescission of the Cole Memorandum by Attorney General Jeff Sessions, which had previously provided guidance to banks on serving state-legalized cannabis businesses