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.
