Oceanside Medical Marijuana Ad-Hoc Committee Will Explore Banking and Finance Options

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On Thursday, July 27, the Medical Marijuana Ad-hoc Committee for the City of Oceanside will explore the available and new options for medical marijuana businesses regarding their banking and financial transactions. Currently, the federal prohibitions on marijuana prevent banks and credit unions from establishing accounts with marijuana-related businesses.
With the worth of the marijuana industry projected to be between $4 and $7 billion dollars annually, the State Treasurer’s Office has held a number of meetings of its Cannabis Banking Working Group to develop a solution to the growing problem of handling the revenues generated. The ad-hoc committee will look at solutions which are needed and manageable on a local level.
The hearing will be held from 3pm to 5pm at City Hall in the City Council Chambers. Public attendance is encouraged. For the full calendar of committee hearings, please visit the City of Oceanside’s website at the link below.
The Medical Marijuana Ad-hoc Committee was created by the City Council on April 19 to specifically address the possibility of new medical marijuana regulations for the City of Oceanside. All work will be completed within six months per City regulations regarding ad-hoc committees and the committee’s report will be presented to the City Council for review and possible action in November, 2017. For more information, you can access the committee’s webpage at http://www.ci.oceanside.ca.us/services/comms/mmac.asp or email the committee at mmadhoc@ci.oceanside.ca.us.
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