Banking Law News

California Lawmakers Push Forward Cannabis Banking Bill

Jan. 14, 2020, 8:48 PM

Financial institutions and accountants serving California cannabis businesses would gain new legal protections under a bill advancing in the state Legislature.

An Assembly committee Tuesday unanimously passed Assembly Bill 1525, which clarifies that banks and accountants aren’t committing crimes under California law by providing financial services to cannabis businesses.

The measure would help cities and counties collect taxes and require cannabis businesses to share their track-and-trace data with banks to facilitate due diligence reporting obligations, a committee analysis said.

Getting access to financial services is a challenge for the cannabis industry, Assemblymember Bill Quirk (D) told the Business &...

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