A public bank for pot entrepreneurs? How about the rest of us?

More than 100 years since the only surviving public bank was established in North Dakota, the nation's largest state has begun exploring the option. California Treasurer John Chiang — a gubernatorial candidate — and Atty. Gen. Xavier Becerra told reporters last week that they would study how to establish a state-owned bank to service the hundreds of marijuana-related businesses that have had difficulty securing reliable financial services because of federal anti-drug laws.

This would be a tremendous step forward and also a tremendous missed opportunity. >>>

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