California bill to allow cannabis banking

The senate in the US state of California has passed a bill allowing banks to process profits from the cannabis industry. Cannabis has been legalised in many US states; however, it is still illegal at a federal level meaning that federally regulated banks are liable to prosecution if they process profits from cannabis. Many cannabis retailers have conducted business using cash, a practice that is difficult to both regulate and administer. The bill must be approved by state governor before it becomes law.