John Chiang

California proposes armored cars to transport pot tax money

California should use armored cars to transport hundreds of millions of dollars in cash tax payments expected next year with the state's legal marijuana market, the state treasurer said Tuesday.

The state on Jan. 1 will enter a new era with cannabis when recreational sales become legal and join the long-standing medical industry in what will become the largest U.S. legal pot economy.

But the new market estimated to grow to $7 billion annually has a troubling flaw: Marijuana remains illegal under federal law, so most banks won't do business with pot growers, manufacturers or retailers. That means many marijuana companies typically operate only in cash.

Among...

45°