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By Omar Sacirbey
With most private institutions and credit unions still avoiding the legal cannabis industry, many marijuana businesses remain without bank accounts.
But one idea is gaining acceptance among MJ entrepreneurs and a growing number of cities and states: the formation of public banks to serve the cannabis industry.
The problem? It’ll be a while before any open their doors.
Cities that are looking into creating such financial institutions include Los Angeles, Oakland and Santa Rosa in California; Philadelphia, and Santa Fe, New Mexico. The states of Arizona and Maryland are also entertaining the idea.
“It’s important for