On January 14th, the California Bureau of Cannabis Control (BCC) issued an announcement of proposed regulations pursuant to AB 1525, which was approved by the Governor in September 2020. The purpose of AB 1525 was to:
provide that an entity, as defined, that receives deposits, extends credit, conducts fund transfers, transports cash or financial instruments, or provides other financial services, including public accounting, as provided, does not 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.
The bill would also:
authorize a person licensed to engage in commercial cannabis activity to request, in writing, that a state or local licensing authority, state or local agency, or joint powers authority share the person’s application, license, and other regulatory and financial information, as specified, with a financial institution of the person’s designation and would require the request to include a waiver authorizing the transfer of that information and waiving any confidentiality or privilege that applies to that information [and would] authorize a state or local licensing authority, state or local agency, or joint powers authority upon receipt of a