Banking Law

California Cannabis Safe Harbor Banking Bill Advances

Jan. 27, 2020, 10:34 PM

Banks and accountants wouldn’t be committing crimes under California law by providing services to cannabis clients under a bill that passed the state Assembly 60-1 on Monday.

  • The measure, Assembly Bill 1525, would help cities and counties collect taxes. It would also let state agencies share track-and-trace data with banks to facilitate the financial institutions’ due diligence reporting obligations, an Assembly floor analysis said.
  • Cannabis businesses legal under California law are burdened with trying to obtain financial services as marijuana remains illegal under federal law.
  • As of June 30, 2019, 715 banks and credit unions were actively providing banking...

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