California Regulators File Proposed Emergency Regulations to Implement Cannabis Banking Bill
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California Regulators File Proposed Emergency Regulations to Implement Cannabis Banking Bill

The proposed rules aim to give the state’s licensed cannabis businesses broader access to financial services.

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January 25, 2021

The California Department of Food and Agriculture (CDFA) has filed proposed emergency regulations with the Office of Administrative Law (OAL) to implement Assembly Bill 1525, which became law in September to provide the state’s licensed cannabis businesses broader access to financial services.

The new law provides a safe harbor for banking institutions doing business with cannabis companies and essentially makes it easier for cannabis businesses to start relationships with banks.

A five-day public comment period on the proposed rules began Jan. 22, according to a CDFA press release, and written comments must be mailed, emailed or faxed to both the OAL and the CDFA:

Office of Administrative Law
300 Capitol Ave, Suite 1250
Sacramento, CA 95814
Fax: 916-323-6826
 
Kristi Armstrong
California Department of Food and Agriculture
CalCannabis Cultivation Licensing Division
P.O. Box 942871
Sacramento, CA 94271