Department of Cannabis Control Provides Notice of Regulatory Action

The following is a press release issued by the Department of Cannabis Control:

The Department of Cannabis Control (DCC) is providing notice of a proposed rulemaking to permanently adopt regulations allowing the authorization and release of applicant information to financial institutions, as authorized by Assembly Bill 1525 (Jones-Sawyer, 2020).

Notice of proposed rulemaking to adopt AB 1525 regulations
DCC is providing notice to the public of a proposed regulatory action to adopt regulations implementing Assembly Bill 1525. These regulations provide cannabis businesses the ability to authorize DCC to share licensee application and regulatory information with financial institutions. If approved, this rulemaking action would permanently adopt the regulations.

These regulations provide a way for financial institutions to more easily conduct federally-required reviews of the cannabis business. By reducing the burden of providing financial services to cannabis businesses, more financial institutions may be willing to provide services. This would reduce the need to keep cash on-hand and improve public safety.

View the notice, proposed text of regulations, and initial statement of reasons below:

How to submit a public comment
You can submit written comments on the proposed regulatory action to the DCC. All comments must be received by January 4, 2022, at 5 p.m.
Submit your comment to DCC by mail or email.

Categories: Cannabis

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