New California Law Aims to Protect Financial Entities Serving the Legal Cannabis Industry

September 30, 2020

By Katherine Proctor

“Richard Ormond, a shareholder at Buchalter Law Firm in Los Angeles whose practice areas include cannabis and banking, said in an email that the bill’s impact on the industry “will be nominal at this time without clearer guidelines and regulations from the federal government.”
‘AB 1525 may provide some additional (albeit limited) coverage for state chartered banks, but the reality is that those banks are also subject to federal regulations and they do most of their business with federally chartered banks or over wire services,’ Ormond said.”

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