Governor Steve Sisolak has signed a bill into law creating a legal cannabis banking pilot program in the treasurer's office.
Under the new law, the State of Nevada will administer a closed-loop pilot program allowing for funds to circulate throughout consumers, legal cannabis businesses, and their vendors. The voluntary program will operate from October 1, 2019 - June 30, 2023 and allows for multiple payment solutions to be tested.
Assembly Bill 466 was sponsored by Assemblywoman Danielle Monroe Moreno (D-North Las Vegas) and resulted from a proposal made by State Treasurer Zach Conine during his campaign for the office in 2018.
In response to the bill signing, Conine issued the following statement:
“I applaud Governor Sisolak and Assemblywoman Monroe Moreno for their efforts to establish an innovative solution to the cannabis banking crisis in Nevada. The Treasurer’s Office is excited to get to work on this pilot program right away, so we can find ways to keep hard working Nevadans safe, while also working to increase accountability and overall tax collections for cannabis businesses in the State.”
