Press release from CalCannabis:
The Office of Administrative Law (OAL) approved the proposed Emergency Provisions (2021-0122-01E) to implement procedures for cannabis companies to authorize disclosure of information to financial institutions.
The regulations were submitted to the Foreign Minister on February 1, 2021 and are now in force.
The state cannabis licensing authorities have developed two forms to implement these regulations. All three state cannabis licensing agencies use the same forms to simplify the process for licensees and financial institutions:
Completed forms should be emailed to [email protected] or by post to the following address:
California Department of Food and Agriculture
CalCannabis Cultivation Licensing
1220 N Street
Sacramento, CA 95814
The rules adopted are designed to provide better access to financial services for licensed cannabis companies faced with the challenge of obtaining banking, insurance and other financial services commonly available to other companies. By reducing the burden of providing financial services to cannabis companies, more financial institutions may be more willing to provide services, reducing the need to hold cash and improving public safety.