The California Department of Food and Agriculture (CDFA) has filed proposed emergency regulations with the Office of Administrative Law (OAL) to implement Assembly Bill 1525, which became law in September to provide the state’s licensed cannabis businesses broader access to financial services.
The new law provides a safe harbor for banking institutions doing business with cannabis companies and essentially makes it easier for cannabis businesses to start relationships with banks.
A five-day public comment period on the proposed rules began Jan. 22, according to a CDFA press release, and written comments must be mailed, emailed or faxed to both the OAL and the CDFA:
