California to allow banks to service licensed cannabis businesses

October 06, 2020

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Buckley LLP

California Assembly Bill 1525 enacts cannabis provisions, including the approval for banks and accountants to provide financial services to cannabis businesses are not in violation of California law and allows licensed cannabis businesses to sign a waiver permitting state or local licensing and regulatory authorities to share “application, license, and other regulatory and financial information” with a designated financial institution “for the purpose of facilitating the provision of financial services for that licensee.”

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