Calif. Pot Regulators Float Bank Disclosure Rules

Law360 (January 15, 2021, 5:02 PM EST) -- California cannabis regulators on Friday proposed regulations implementing a new state law intended to ease access to financial services for businesses, codifying the types of otherwise confidential information the state can release at the request of licensees. 

The rules floated by the Bureau of Cannabis Control, California Department of Food and Agriculture, and California Department of Public Health, which together regulate the marijuana industry, will implement A.B. 1525, an October bill clarifying that banks and accountants who work with the cannabis industry are not violating California law.

Most banks will not serve cannabis businesses because the drug remains illegal under federal...

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