California Business and Professions Code

§ 26260

BPC § 26260 Effective Jul 12, 2021Div. 10 · Ch. 24

Statute text

(a)An entity that receives deposits, extends credit, conducts fund transfers, transports cash or financial instruments, or provides other financial services does not commit a crime under any California law, including Chapter 10 (commencing with Section 186.9) of Title 7 of Part 1 of the Penal Code, solely by virtue of the fact that the person receiving the benefit of any of those services engages in commercial cannabis activity as a licensee pursuant to this division.

(b)(1) A person licensed to engage in commercial cannabis activity pursuant to this division may request in writing that the department, a local licensing authority, a state or local agency, or a joint powers authority share the person’s application, license, and other regulatory and financial information with a financial institution of the person’s designation. The person shall include in that written request a waiver authorizing the transfer of that information and waiving any confidentiality or privilege that applies to that information.

(2)Notwithstanding any other law that might proscribe the disclosure of application, licensee, and other regulatory and financial information, upon receipt of a written request and waiver pursuant to paragraph (1), the department, a local licensing authority, a state or local agency, or a joint powers authority may share application, licensee, and other regulatory and financial information with the financial institution designated by the licensee in that request for the purpose of facilitating the provision of financial services for that licensee.

…

Legislative history

Amended by Stats. 2021, Ch. 70, Sec. 97. (AB 141) Effective July 12, 2021.