This bill is part of the 2019 Cannabis Bills section of our ongoing update on California Cannabis Legislation – see the full California Cannabis Law Legislative Update which includes information on cannabis bills from other years.
AB 1525 (Jones-Sawyer D) Cannabis: financial institutions.
This bill would provide that an entity, as defined, that receives deposits, extends credit, conducts fund transfers, transports cash or financial instruments on behalf of a financial institution, or provides other financial services, including public accounting, as provided, for a person licensed to engage in commercial cannabis activity does not commit a crime under any California law solely by virtue of receiving deposits, extending credit, conducting fund transfers, transporting cash or other financial instruments, or providing other financial services for the person. The bill would authorize a licensing authority to share application, licensee and regulatory information, including information in the track and trace program, with financial institutions, as defined. The bill would require a person licensed to engage in commercial cannabis activity to sign a waiver allowing licensing authorities to transmit that specified information to financial institutions.
Read more about California Cannabis Legislation – see the full California Cannabis Law Legislative Update.
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