California Governor Gavin Newsom signed a new bill last week that will help protect banks that do business with licensed cannabis companies. Under Bill AB 1525, banks, credit unions, savings associations and other financial institutions wouldn’t be in violation of California state laws by providing their services to licensed cannabis businesses. The state bill is similar to the SAFE Banking Act, the landmark cannabis banking bill that the House of Representatives passed last year. The SAFE Banking Act was included in the latest Democrat-proposed coronavirus stimulus bill worth $2.2 trillion. Also, the new bill foresees that pot businesses operating in California may request that state licensing authorities share information about them with banking institutions in order to be assessed for loans and other services.
Jelena Cikes, Greencamp, 10/05/2020 11:57:27