California Hashish Authorities Publish Proposed Laws To Facilitate Monetary Providers For Hashish Companies – MJNews Community

CALIFORNIA: California state cannabis regulators – Bureau of Cannabis Control, California Department of Food and Agriculture, and California Department of Health – announced the proposed emergency provisions to implement the provisions of Bill 1525 (Jones-Sawyer, 2020). The proposed regulations are designed to provide better access to financial services for licensed cannabis companies faced with the challenge of obtaining banking, insurance and other financial services that are commonly available to other companies.

The proposed regulations create a way for licensees to authorize the disclosure of non-public information to selected financial institutions and provide a mechanism for financial institutions to more easily conduct federal cannabis business reviews. By reducing the burden of providing financial services to cannabis companies, more financial institutions may be more willing to provide services, reducing the need to hold cash and improving public safety.

The proposed regulatory text and the supporting documents can be viewed under the following links:

After the required notification of the public over at least five working days, the approval authorities will submit the emergency provisions to the Office for Administrative Law (OAL). The formal public comment period of five calendar days begins when OAL publishes the proposed regulations on its website as “in progress”.

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