California proposes armored cars to move pot tax money
LOS ANGELES (AP) - California's state treasurer is recommending using armored cars to transport hundreds of millions of dollars in cash tax payments expected next year with the legalization of recreational marijuana.
The plan is among proposals unveiled Tuesday intended to help the state deal with a big problem with the new legal pot market. Most marijuana companies do business only in cash, including paying taxes.
That's because most banks don't want anything to do with marijuana money because the plant remains illegal under federal law.
California Treasurer John Chiang formed the Cannabis Banking Working Group and says a comprehensive solution will remain elusive without changes in Washington.
The state will get a 15 percent cut on retail pot purchases next year.