SF Weekly, 14 Jul 2016 – As the California campaign for the Adult Use of Marijuana Act gains momentum and state economists forecast an industry that could grow to $15 billion annually by 2020, creating thousands of jobs and generating millions in tax revenue, there’s a dark cloud hanging over potential victory celebrations on Nov. 8: The multibillion industry will have no legal baking options. If approved by voters, new cannabis businesses in California will have to overcome an obstacle that has dogged the industry in 25 medical marijuana states and four recreational-use states – Colorado, Oregon, Washington, and Alaska. There simply is no safe, efficient, and legal banking. The Attorney General’s Office made that very clear with the now infamous 2011 “Cole Memo,” which warned bankers not to open cannabis-related accounts or they could face money-laundering charges or possibly lose their FDIC insurance, which would be ruinous.