A California senator is proposing a new law that would create acannabis limited charter for credit unions and banks to serve theGolden State's recreational pot industry that is poised to becomethe world's largest marijuana market.

Sen. Bob Hertzberg, D-Van Nuys, said Wednesday that hislegislation to create what he called “a banking fix for legal cannabis business in California” clearedanother critical hurdle on its pathway to becoming law. SB 930passed the Senate Governance and Finance Committee on a bipartisanvote.

If the bill is enacted, it would open a multibillion dollarmarket opportunity for California's financial institutions. Salesfrom marijuana products are expected to hit nearly $4 billion bythe end of the year. That sales number is projected to nearlydouble in just four years, according to research market firms.