California, the cannabis industry pioneer state, could possibly advance the marijuana industry again with a bill that would create the world's first cannabis financial institution.

Senate Bill 930 (SB-930) was cleared, which would allow financial institutions to provide limited banking services to legal cannabis businesses in the state of California.

The legal cannabis industry is a $10 billion and growing industry; but, due to federal law all transactions are currently through cash. As a result, safes and security companies are heavily relied upon for legal businesses to protect their cash. This bill would directly reduce the risks cannabis companies currently face.

SB-930 would create the Cannabis Limited Charter Banking and Credit Union Law, to be administered by the Commissioner of Business Oversight and the Department of Business Oversight. The bill would create the Cannabis Limited Charter Bank and Credit Union Advisory Board and specify its composition, to include the Treasurer, the Controller, and the Chief of the Bureau of Cannabis Control, and commit to it the general responsibility for ensuring that this law functions in a safe and efficient way.

This special institution would be allowed to issue special checks that could pay for business activities, fees, state/local taxes, and rent.

The next step to implement into action is to bring the bill to Assembly.