Governor Signs Cannabis Banking Bill

California Gov. Gavin Newsom has signed Assembly Bill 1525 into law. The bill protects financial institutions that do business with legal cannabis businesses in California.

Assembly 1525 has two major components: 1) It affirms that banking institutions who do business with licensed cannabis entities are not committing a crime under California law 2) It allows these financial institutions to access application and licensing information for cannabis businesses from state and local governments.

“This bill has the potential to increase the provision of financial services to the legal cannabis industry, and for that reason, I support,” Governor Newsom wrote in a signing message.

Read more at Cannabis Business Times