A bill to let California develop specific banks to manage money from the fledgling recreational marijuana business will not pass this year.

California is the nation’s biggest legal marijuana industry. But marijuana is nevertheless illegal beneath federal law, and banks have been unwilling to accept deposits from licensed pot firms.

California Democratic state Sen. Bob Hertzberg authored a bill this year that would have let the state charter specific banks to manage funds from state-licensed marijuana firms. Hertzberg announced Monday the bill would not get a vote this year. He mentioned if California is going to do this, “we have to do it correct.”

Hertzberg mentioned he will perform with Gov. Gavin Newsom and state Treasurer Fiona Ma to pass the bill subsequent year.

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