CA Pot Industry Will Rake In Billions Of Dollars: Forbes

CALIFORNIA -- California's marijuana industry is expected to bring in billions of dollars next year when recreational drug use becomes legal, but where the money will be stored is unknown, according to an article by Forbes magazine. The magazine reported that the state will see $5.2 billion in revenue from the drug.

But in an interview with Forbes, GreenWave Advisors' Matt Karnes said where the billions of dollars will be stored is unknown.

Karnes said there is a "giant need for banking and financial services in the nascent legal cannabis industry. These services however are generally not available says Karnes, and are federally illegal. Some glimmers of change though, are on the horizon," the magazine reported.

The problem isn't a secret among California's politicians.

John Chiang, the state treasurer running for governor, issued recommendations earlier this month for the cash-only industry.

Among the recommendations that Chiang said would help the industry that predominately operates in cash would be having armored couriers transport money.

"It is unfair and a public safety risk to require a legal industry to haul duffle bags of cash to pay taxes, employees and utility bills," Chiang said. "The reliance on cash paints a target on the back of cannabis operators and makes them and the general public vulnerable to violence and organized crime."

--Photo via Pixabay

Related:

Marijuana Is About To Get Expensive In California

Why CA Could Be The Biggest Supplier Of Black Market Marijuana