Nevada Introduces Bill to Create a Marijuana Bank

The Nevada Legislature has introduced a bill that would establish a marijuana credit union or charter bank. The marijuana bank will primarily allow special purpose checks to be issued for the payment of state taxes, rent and operational expenses. The bank would be a bare bones alternative to storing money under the mattress.

Some interesting highlights from the bill include:

• The bank’s board will be responsible for finding safe ways for broker-dealers and investment advisers to buy and hold cannabis investments for customers.

• A banking license costs $10,000 and is not transferable.

• The bank accounts are not required to be insured by the FDIC.

• The bank may cash a check for a non-customer if the check was issued by the bank, and it was issued for an approved purpose (ie, taxes, operational expenses, rent).