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Calif. treasurer, attorney general to explore public bank for cannabis industry

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Calif. treasurer, attorney general to explore public bank for cannabis industry

California State Treasurer John Chiang, along with the attorney general's office, will conduct a feasibility study on whether the state should create a public bank that will serve the state's cannabis industry.

The parties will determine the costs, benefits, and legal and regulatory issues regarding the potential bank. The state treasurer's office will handle the operational part of the study, while the attorney general's office will handle the legal part.

In a prepared speech, Chiang said he has issued a request for information needed to establish the scope of the study.

Chiang also called out Attorney General Jeff Sessions' plans of scrapping the Obama administration's cannabis guidelines, which could potentially remove cannabis from the list of federal drug enforcement priorities.