State Approves New Regulations to Help Cannabis Businesses Share Financial Information
February 4, 2021
The Bureau of Cannabis Control (BCC) recently announced the approval of new emergency regulations that would allow BCC to share cannabis businesses’ financial information with financial institutions upon request by the cannabis business. The regulations were prompted by AB 1525, (Jones-Sawyer, Chapter 270, Statutes of 2020) which created a safe harbor under state law for financial institutions and accountants that provide services to the cannabis industry. The bill also allows cannabis businesses to permit licensing authorities to share licensee application and regulatory information, including track-and-trace data, with financial institutions. The Office of Administrative Law approved the emergency regulations on February, 1st. You can find the Bureau’s notifications for the rulemaking here.