Existing law, the Control, Regulate and Tax Adult Use of Marijuana Act (AUMA) , approved by the voters as Proposition 64 at the November 8, 2016, statewide general election, regulates the cultivation, distribution, transport, storage, manufacturing, testing, processing, sale, and use of marijuana for nonmedical purposes by people 21 years of age and older. The Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA) , among other things, consolidates the licensure and regulation of commercial medicinal and adult-use cannabis activities. MAUCRSA imposes duties on the Bureau of Cannabis Control in the Department of Consumer Affairs with respect to the creation, issuance, denial, suspension, and revocation of licenses issued for microbusinesses, transportation, storage, distribution, testing, and sale of cannabis and cannabis products pursuant to MAUCRSA. MAUCRSA requires the Department of Food and Agriculture, in consultation with the bureau, to establish a track and trace program for reporting the movement of cannabis and cannabis products throughout the distribution chain, as provided.
This bill would provide that an entity, as defined, that receives deposits, extends credit, conducts fund transfers, transports cash or financial instruments on behalf of a financial institution, or provides other financial services, including public accounting, as provided, for a person licensed to engage in commercial cannabis activity does not commit a crime under any California law solely by virtue of receiving deposits, extending credit, conducting fund transfers, transporting cash or other financial instruments, or providing other financial services for the person. The bill would authorize a person licensed to engage in commercial cannabis activity to request, in writing, that a licensing authority or the California Cannabis Authority share the person's application, license, and other regulatory and financial information, as specified, with a financial institution of the person's designation and would require the request to include a waiver authorizing the transfer of that information and waiving any confidentiality or privilege that applies to that information. The bill would further authorize licensing authorities and the California Cannabis Authority, upon receipt of a written request and waiver as described above, to share regulatory and financial information with the designated financial institution for the purpose of facilitating commercial banking for the requesting licensee.