SACRAMENTO – Today, California's state cannabis licensing authorities - California Department of Food and Agriculture, Bureau of Cannabis Control, and California Department of Public Health — notified the public of proposed emergency regulations that would implement Assembly Bill 1525 (Jones–Sawyer 2020). Proposed regulations will make it easier for licensed cannabis businesses to obtain financial services.
The regulations will allow licensees to share non-public information with select financial institutions. They also provide a way for financial institutions to conduct federally-required reviews on the cannabis industry. Financial institutions will be more likely to offer services to cannabis-related businesses if they are less burdened with providing financial assistance. This will reduce the need for cash and improve public safety.
You can view the proposed regulatory text and supporting documents at these links:
- - Proposed Regulatory Text: https://bcc.ca.gov/law_regs/ab1525_proposed_text_of_er_regs.pdf
- - Finding of Emergency: https://bcc.ca.gov/law_regs/ab1525_finding_of_er_notice.pdf
The licensing authorities will file emergency regulations with OAL after providing a minimum of five working days' notice to the public. The formal public comment period of five calendar days begins when OAL posts the proposed regulations as "under review" on its website: http://oal.ca.gov/. To be considered, public comments must be submitted both to OAL and the Bureau.
- Article credit to https://cannabis.ca.gov
