Bill Would Give Banks a Safe Harbor for Pot Business (Corrected)

Banking institutions and accountants offering services to cannabis businesses would have a safe harbor in California law under one of the weed-related bills awaiting state lawmakers’ action when they return to Sacramento this week.

One measure (A.B. 1525) says financial services, including public accounting firms, don’t commit a crime under any California law “solely by virtue of the fact that the person receiving the benefit of any of those services engages in commercial cannabis activity as a licensee” under state law.

The bill would permit, with the cannabis business license holder’s permission, a state or local licensing authority, ...