CA AB1525

Financial institutions and entities providing financial services to licensed cannabis businesses do not commit crimes under California law solely because their clients engage in commercial cannabis activity as licensees.

Licensed cannabis businesses may request in writing that state or local licensing authorities share their application, license, and regulatory/financial information with a designated financial institution, provided the request includes a waiver of confidentiality and privilege protections.

Licensing authorities and agencies may share applicant and financial information with designated financial institutions for the purpose of facilitating financial services, and licensees may withdraw this waiver at any time.

Public accountants providing professional accounting services to licensed cannabis businesses do not commit crimes under California law for doing so.

Information sharing is limited to only what is reasonably necessary to facilitate financial services and does not require disclosure of confidential or privileged information beyond what the licensee authorizes.