AND WHAT THAT WE WILL START
TODAY'S BANKING GARY.
AND TODAY'S ARAB BANKING HEARING
WE HAVE A TWO BILLS THAT WE WILL
START TO.
THE HEARING AS A SUBCOMMITTEE
INTO WE HAVE A QUORUM. BUT WE DO
HAVE BOTH AUTHORS HERE SO.
WE HAVE A QUORUM IN TORMENT ME
TWO MORE MEMBERS BUT WE DO HAVE.
VOTE FOR US HERE YES.
SO WE WILL GO AHEAD AM IN START
TODAY'S HEARING AND THEY BELIEVE
A. ASSEMBLY MEMBER JONES SAWYER
IS FIRST.
SO WE WILL HAVE YOU COME UP AS A
MEMBER JONES SAWYER.
TO PRESENTE AJ ARE TWENTY EIGHT
FINANCIAL INSTITUTIONS CANNABIS.
GOOD AFTERNOON MEMBERS HR TWENTY
EIGHT CALLED ON THE FEDERAL
GOVERNMENT
TO TAKE ACTIONS THAT WILL ALLOW
CALIFORNIA TO PROVIDE BANKING
SERVICES. TO IT'S ILLEGAL
CANNABIS INDUSTRY.
NOVEMBER SIXTEENTH THE PEOPLE OF
CALIFORNIA VOTED TO LEGALIZE
DIRECTORY OF HUMAN NEW USE OF
CANNABIS IN OUR STATE.
DESPITE THIRTY EIGHT STATES HAVE
BEEN LEGALIZE CANNABIS FOR
MEDICAL OR RECREATIONAL USE
THE FEDERAL GOVERNMENT CONTINUES
TO AFFIRM HIS AUTHORITY TO
CLASSIFY CANNABIS AS A SCHEDULE
ONE DRUG.
FEDERAL POLICY DISCOURAGES
FINANCIAL INSTITUTION FROM
PROVIDING SERVICES TO CANNABIS
INDUSTRY AND MAKES IT IMPOSSIBLE
STATES TO SET UP THEIR OWN BANKS
TO ADDRESS THE ISSUE.
AS THE RESULT TO STATE LEGALIZE
CANNABIS INDUSTRY WHICH IS
EXPECTED BE WORTH ABOUT SIX
POINT SIX BILLION DOLLARS BY
TWENTY TWENTY.
STRUGGLE TO FIND BANKING
SERVICES AND IS FORCED TO MAKE
ALL TRANSACTIONS INCAT.
LIMITED ACCESS TO BANKING
SERVICES MAKES THESE BUSINESSES
VULNERABLE TO CRIME AND PUT THE
SAFETY OF BUSINESS OWNERS
CUSTOMERS AND OUR ENTIRE
NEIGHBORHOOD.
NEIGHBORHOODS AT RISK AS THE
CHAIR OF THE ASSEMBLY PUBLIC
SAFETY COMMITTEE I'M TO
EXTREMELY CONCERNED ABOUT WHAT
THE PREVALENCE OF CASH ONLY
BUSINESS WILL DO TO OUR
COMMUNITIES.
PLEASE JOIN ME TODAY IN URGING
THE FEDERAL GOVERNMENT TO PRIOR
TO PRIORITIZE THE SAFETY OF OUR
COMMUNITIES ALLOW STATES.
TO PROVIDE BANKING SERVICES
CANNABIS BUSINESSES.
TO TESTIFY IN SUPPORT OF THE
MEASURE I HAVE.
WITH ME TODAY. EMMETT'S SLUGS
FROM MCKENNA BUT CALIFORNIA
CANNABIS INDUSTRY ASSOCIATION.
AND A SPECIAL GAS.
MEMBERS I RESPECTFULLY ASK THREE
AYE VOTE.
MADAM CHAIR AND
A MEMBER THANK YOU FOR
OPPORTUNITY PRETTY
BUT THAT TODAY.
A MY NAME IS I'M A SNUG FIT IN
HERE BEHALF FOR THE CALIFORNIA
CANNABIS INDUSTRY ASSOCIATION.
OR CPA A FIFTY AYE HAS OVER FOUR
HUNDRED FIFTY BUSINESS MEMBERS.
REPRESENTING FIX ON A CAMPUS
BROWN'S A NEARLY TEN THOUSAND
EMPLOYEES ACROSS THE STATE.
THROUGH FIFTH OFFICIALS FOUNDED
ALMOST FIVE YEARS AGO WE WORK
TIRELESSLY TO IDENTIFY SOLUTION
TO OUR MEMBERS TO BE TREATED
LIKE ANY OTHER LICENSE BUSINESS
IN CALIFORNIA.
THAT IS WHY I THINK I FULLY
SUPPORTS AJ ARE TWENTY EIGHTH
METHODS TO THE FEDERAL
GOVERNMENT THAT CALIFORNIA
CANNABIS INDUSTRY NEEDS ACCESS
TO BANKING NOW.
THE RESOLUTION RESOLUTION URGES
CONGRESS THAT PRESIDENT TO
RESPECT THE WILL OF CALIFORNIA
VOTERS WHEN THEY APPROVE THE
ADULT USE OF MARIJUANA ACTON OF
MEMBER OF TWO THOUSAND SIXTEEN.
BY A VOTE OF OVER FIFTY SEVEN
PERCENT.
THE THIRD OF THEFT AND VIOLENCE
IS A VERY REAL ISSUE FOR
BUSINESSES OPERATING IN THE CAB
OF A SPACE.
LARGE SUMS OF MONEY ARE BEING
TRANSPORTED US PART OF EVERYDAY
BUSINESSES.
AND MANY OF OUR MEMBERS ARE
FORCED TO STILL PAY THEIR
EMPLOYEES AND VENDORS IN CASH.
ONE OF OUR MEMBERS HAS A TAX
WILL DO THIS MONTH THAT IS
APPROXIMATELY EIGHT HUNDRED
THOUSAND DOLLARS.
THEY WILL HAVE TO ADMIT THAT IN
CASH.
FROM A BUSINESS MANAGEMENT
PERSPECTIVE THIS IS INCREDIBLY
TIME CONSUMING LABOR INTENSIVE
AN INCREDIBLY DANGEROUS.
IF YOU ARE TWENTY EIGHT
EXPRESSES THE IMPORTANCE OF
RESPONSIBLE REGULATION ON THE
FEDERAL LEVEL. MOVES TO REDUCE
THE PUBLIC THE.
ELATION AND ACCOUNTABILITY AND
WILL ENCOURAGE GREATER
PARTICIPATION THAT SYSTEM TO
INCREASE.
ACCOUNTABILITY
FOR THE REASONS PREVIOUSLY
STATED WE'RE PLEASED TO SUPPORT.
AND SPONSOR ENCOURAGE YOUR
SUPPORT THANK YOU.
THANK YOU AND BEFORE WE PROCEED
WE DO HAVE A QUORUM SO WE'RE
GOING TO GO AHEAD AND TAKE ROLE.
LEóN I CAN SEE.
LIMON WE WON'T HEAR THE CHEN.
CHEN HERE ACOSTA.
COSTA HERE BURKE.
CALDERON.
CALDERON HERE CERVANTES.
CHOI HERE
CHOI HERE GONZALEZ FLETCHER.
GRAYSON.
STONE.
WEBER.
CERVANTES.
THAT I CAN.
ALRIGHT WE DO HAVE A MOTION ON
THE TABLE SO WE CAN.
I WILL BE BRIEF.
KATHY VENISON REPRESENTING CMG
KHALIFA THEY ARE.
WE'RE THE LARGEST ENTITIES IN
THE STATE THEY ARE VERTICALLY
INTEGRATED AT A OUT INTO.
AND HAVE BEEN VERY ENGAGED ON
THE BANKING ISSUE I AND.
YOU KNOW IN ADDITION TO THE THE.
KOMPLETT COMPLEXITIES THAT
BUSINESSES FACE YOU ALSO HAVE TO
THINK ABOUT EMPLOYEES.
THEIR ACCESS TO BANKING IS
COMPROMISED AS WELL.
GETTING HOME LOANS ANY TYPE OF
EQUITY LOAN I YOU KNOW THE
LANDING IT'S VERY DIFFICULT FOR
EMPLOYEES TO MAINTAIN BANK
ACCOUNTS OF THEIR AFFILIATED
WITH THE INDUSTRY.
YOU CAN TAKE THE STORY AND JUST.
MOVING ACROSS VENDORS.
CONSULTANTS ATTORNEYS AND SO
FORTH AND I IT IS A IS A TRUE
PROBLEM FOR A LOT OF FOLKS THAT
MAY NOT BE.
AND PRIMARILY INVOLVED IN THE
INDUSTRY BUT IF THEIR.
TEND TO TANGENTIALLY.
A ENOUGH THE TOUCH THE INDUSTRY
THERE AT RISK.
SO WE APPLIED OF THE ASSEMBLYMAN
FOR BRINGING THIS FORWARD WE ARE
VERY EAGER TO SEE HAVING A
DECLASSIFICATION OF THE A THE
SCHEDULE. AND DAD HOPEFULLY WE
CAN GET ON TRACK WITH BANKING
AND.
NEAR FUTURE.
I THINK YOU ANY OTHER WITNESSES
IN SUPPORT.
STATE I THE NAME AND
ORGANIZATION GETTING A BOMB
BEHALF OF WE DROP CANNABIS
DELIVERY IN THE ONE BEACH
COLLECTORS ASSOCIATION SUPPORT
THINK.
ON BEHALF OF THE CALIFORNIA CAN
MANUFACTURERS ASSOCIATION ALSO
INSOFAR.
ANY WITNESSES IN OPPOSITION.
ALRIGHT SCENE EN.
I'M TAKING IT BACK TO THE
MEMBERS FOR ANY COMMENTS OR
QUESTIONS.
NOW COMES THE.
THE PHONE NUMBER CHOI.
THANK YOU SHARE. I WOULD TO
SUPPORT.
THIS SUMMER SOLUTION.
THIS HAS SIMPLY TO APPROACHING
CONGRESS HAVE TO ADOPT THE.
.
YEAH AND THE PASS A LEGISLATION
THAT WOULD PERMIT THAT BANKING.
A CURRENTLY.
I WONDER IF THE INDUSTRY IS SET
UP ACTIVELY DOING BUSINESS I AND
UP BANKING IS NOT ALLOW.
HOW?
TO THE BUSINESS OWNERS TO HANDLE
THE MONEY AND.
.
WHAT KIND OF A LOS?
IN THE STATE THE POTENTIAL A
REVENUE TO HAVE ANY FIGURES.
BY ALLOWING WHAT KIND OF A FINE
ASIA OR REVENUE BENEFITS JUST
STATE BILL WOULD REALIZE.
SO I THINK IT'S FOR THOUGHTS
DIFFICULT TO GAUGE AND COLLECT
DATA BECAUSE.
YOU KNOW WE ARE STILL BRINGING
BOTH INTO THE FOLD AND THIS IS
CERTAINLY.
UP A HUGE STEP IN THAT.
.
I CAN TELL YOU THAT WE YOU KNOW
WE AT THE TRADE ASSOCIATION LOST
OUR BANK ACCOUNTS ON IT IT SEEMS
TO BE A MATTER OF TIMING RIGHT.
SOME FOLKS ARE GIVEN THE
OPPORTUNITY TO HAVE A BANK
ACCOUNT USUALLY WITH THAT YOU
KNOW CREDIT UNION.
BUT EVENTUALLY THEY FIND OUT
THAT YOU WORKING CANNABIS IN
YOUR AND YOU GET THE BOOT.
RIGHT AND THEN YOU AND SEARCH
FOR ANOTHER BANK ACCOUNT AND
THEN THAT WORKS FOR A FEW MONTHS
AND THEN EVENTUALLY ONCE MORE.
YOU NO LONGER HAVE ACCESS TO A
BANK ACCOUNT SO IT'S IT'S A YOU
END UP SORT OF PLAIN YOU KNOW.
THIS SORT OF MUSICAL CHAIRS.
FOR LACK OF A BETTER TERM WITH.
WITH THE BANKS AND IT'S IT'S
EXTREMELY.
UNITS EXTREMELY STRESSFUL FOR
BUSINESS OWNERS AND I CAN TELL
YOU WITH A AN EMPLOYEE OF A
TRADE ASSOCIATION THAT DOESN'T
EVEN TOUCH THE PLAN. YOU KNOW WE
WERE WE WERE IMPACTED YOU KNOW
AND SO ON IT IS IT IS QUITE A
BIT IT'S A QUITE STRESSFUL AND
AND REALLY DOES INTERFERE WITH
JUST OUR DAY TO DAY BUSINESS
AND.
AND REALLY SORT OF PUT US IN A
CATEGORY.
OF NOT LEGITIMATE AS NOT LISTED
AND SO THAT'S WHAT WE ASK FOR
YOUR SUPPORT TODAY.
AS OF FOR A ANYBODY WHO MAY HAVE
ARE A LOT OF EACH. OTHER STATES
ARE SUCH AS A GROTTO. ó WHICH
ARE IN THE SAME IN A SITUATION
LIKE OURS SO IDEA DIFFERENT
PRACTICES SEWER. AND.
ANY DATA FROM THEM.
SO I I KNOW THAT COLORADO AND
OTHER STATES HAVE TRIED
WASHINGTON AND THEY'VE HAD.
ON AND OFF SUCCESS IT IF YOU
REALLY WANT IT WANNA TALK ABOUT
IF YOU TALK TO ANY BUSINESS THAT
DEALS IN CASH ONLY.
IT'S PROBABLY THE MOST EFFICIENT
WAY TO RUN A BUSINESS.
AND SO WHAT WE'RE WHERE WE'RE
TALKING ABOUT WE NEED TO GET
THEM INTO THE MAINSTREAM SO THAT
NOT ONLY THEY PAY THE CORRECT
AMOUNT OF TAXES.
BUT I THINK.
OPPORTUNITIES FOR THEFT AND IN.
AND MISS APPROPRIATIONS AND
THINGS THAT NATURE HAPPENS ALSO
WE DON'T HAVE ANY ANY NUMBERS
NOW BECAUSE WE JUST STARTED IN
JANUARY. OF AS FAR AS HOW THIS
IS IMPACTED THIS INTEREST
INDUSTRY SO FAR. BUT I KNOW IT'S
EVEN BEEN REALLY IMPORTANT FOR
THE OTHER STATES TO EVEN ATTEMPT
EVEN THOUGH THEY GET SHUT DOWN.
THEY'VE EVERYONE'S TRIED EVERY
WAY THEY CAN DO TO GET THIS
DONE.
THANK YOU I THINK THIS MAKES
SENSE SO WE NEED TO.
F. SUMS OF STREAMLINED OTHERWISE
SO STATE AND THE FEDERAL
GOVERNMENT THE POTENTIAL. A TAX
REVENUE WE ARE LOSING.
SO ONE WAY OR NOT THAT WE NEED
TO STREAMLINE THIS THANK YOU.
I THINK YOU MISS ASSEMBLY MEMBER
TRAY FOR THAT QUESTION WE DO
KNOW AND WE ARE THE COMMITTEES
EXPLORING HAVING A HEARING.
AT THE BEGINNING OF NEXT YEAR
ON THIS PARTICULAR TOPIC BANKING
SO.
WE WILL HAVE HOPEFULLY MORE
INFORMATION THAN ANY OTHER
QUESTIONS OR COMMENTS.
ALRIGHT CNN WILL GO AHEAD AND.
.
ROOM FULL.
AND THE MOTION IS THE MOTION IS
TO PASS.
HR TWENTY EIGHT DO PASS.
I LIMON.
LIMON I.
CHEN. CHEN AYE ACOSTA.
CUSTOM AYE BURKE.
CALDERON.
CALDERON I.
CERVANTES.
SAMANTHA'S AYE CHOI AYE CHOI AYE
GONZALEZ FLETCHER. GONZALEZ
FLETCHER AYE.
GRAYSON.
GRAYSON AYE STONE.
STONE AYE WEBER.
WEBER I.
ALRIGHT THIS AJ OUR IS OUT.
WITH A UNANIMOUS VOTES SO FAR
TEN.
NO.
THANK YOU CHAIR COMMITTEE.
ALRIGHT NEXT WE HAVE ASSEMBLY
MEMBER MAINTAIN.
WITH AB TWENTY TO THIRTY SEVEN.
THANK YOU ARE MADAM CHAIR AND
MEMBERS CURRENTLY CORPORATION
THAT INCORPORATES IN CALIFORNIA
AND TAKES MONEY FROM HELP.
AND IN LIGHT OF THAT AND MADAM
CHAIR MEMBERS AB TWENTY TO
THIRTY SEVEN WOULD REQUIRE
CORPORATIONS TO MAKE A TRUE AND
ACCURATE COPY OF. ALL WERE OF
RECORDS AVAILABLE TO
SHAREHOLDERS IN CALIFORNIA.
I AT THE SHAREHOLDER PAYS THE
COSTS OF COPY.
AND AND THAT WITH ME TO ANSWER
QUESTIONS.
OR TO MAYBE
PROVIDE VERY BRIEF TESTIMONY IS
LARRY DOYLE.
I'M HAPPY TO JUST SIMPLY ANSWER
QUESTIONS COMMITTEE HAS AND THAT
SOUNDS GREAT ANY ANY OTHER
WITNESSES IN SUPPORT.
WITNESSES IN OPPOSITION.
MEMBERS COMMENTS OR QUESTIONS.
CNN WILL GO AHEAD AND TAKE THE
ROLE.
THE MOTION IS A DO YOU PASS.
AB TWENTY TO THIRTY SEVEN DO
PASS LAMONT.
LAMONT AYE CHEN.
CHEN AYE ACOSTA.
ACOSTA AYE BURKE.
CALDERON.
CALDERON AYE. CERVANTES
CERVANTES AYE CHOI.
CHOI AYE AYE.
GONZALEZ FLETCHER.
GONZALEZ FLETCHER AYE GRAYSON.
GRAYSON AYE STONE.
STONE I. WEBER. WEBER AYE.
SO THAT BILL IS OUT TEN ZERO WE
ARE GOING TO HOLD THE ROLE OPEN
AND FOR ANYBODY ELSE
YEAH PRETTY PROVOCATIVE FIFTEEN
MINUTES.
THAT CROWD OF THE COMMITTEE.
WE HAVE HONORED THAT.
YOU COMING.
THINK ABOUT HAND
.
I THOUGHT THAT.
ONCE CHAIR.
COULD.
BUT IT WOULD HAVE BEEN.
NOBODY.
THE CRITICAL PROBLEM.
HOW?
JEFF EQUIVALENT. DEFENDING.
SHE KEPT A CELIBATE.
FROM A PAPER.
OKAY I KNOW THAT I HAVE A MAN.
HER.
ASSEMBLY BILL RUN.
FIVE
ROLL
START WITH THE.
AB TWENTY TWO THIRTY SEVEN.
BURKE.
BURKE I.
ALRIGHT THE VOTE FOR AB TWENTY
TO THIRTY SEVEN ELEVEN ZERO.
NEXT WE HAVE AJ ARE TWENTY EIGHT
BY REGGIE JONES SAWYER.
EACH YEAR TWENTY EIGHT DO PASS.
BURKE.
BIRTH I.
AJ ARE TWENTY EIGHT.
ELEVEN ZERO.
SEE NOW FOR THEIR BUSINESS WE
WILL CLOSE THE HEARING.
ALRIGHT