California Treasurer Declares Marijuana Legalization Law a 'Complete Failure,' Calls for Reform

California's Treasurer Fiona Ma has declared the state's decade-old marijuana legalization law a 'complete failure,' citing significant challenges in banking, industry compliance, and market structure. During a legislative hearing on cannabis industry banking problems, Ma advocated for a new ballot initiative that would better support consumers and small businesses while addressing regulatory shortcomings. The assessment highlights ongoing struggles with financial services access, taxation, and competition from illegal markets that have plagued California's legal cannabis framework since Proposition 64's approval in 2016. This development signals potential momentum for cannabis policy reform in the nation's largest legal market.