California Cannabis Banking Bill Becomes Law
New rules in California will make it easier to strike up a financial relationship with a bank. October 1, 2020: Eric Sandy
A new law in California will provide safe harbor for banking institutions doing business with cannabis companies. It also makes it far easier to start this process—for both the bank and the business—than ever before.
Essentially, the law states that financial services and banking institutions are not acting criminally when engaging with a licensed cannabis business. By virtue of the license, that business is operating legally within the state of California. This clears up a fundamental issue that persists in the age of federal prohibition.
Read the full text of the bill below.
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