Banking Law

California Crafting Cannabis Rules to Ease Banking Transactions

Jan. 14, 2021, 11:21 PM

California issued proposed regulations on how cannabis businesses can share information with financial institutions, hoping to broaden their access to banks without running afoul of federal law banning weed.

The California Bureau of Cannabis Control’s proposals, released Thursday, include requiring businesses to list their names, business license number, financial institutions they’re working with, and the categories of information they wish the state to make public.

The fast-tracked proposals follow a state law, signed last fall by Gov. Gavin Newsom (D), that creates a safe harbor to allow cannabis businesses and financial institutions to exchange information. Marijuana is still...

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