Businesses use financial services to pay for expenses, save money or manage risk. Because cannabis is illegal under federal law, it can be hard for cannabis businesses to get access to financial services such as:
- Checking accounts
- Savings accounts
- Credit cards
- Insurance
- Loans
- Investments
Access to banking and loans
Federal law requires financial institutions to monitor and report certain information about cannabis businesses. If your financial institution needs information about you to provide services, you can authorize the Department of Cannabis Control (DCC) to share information. This may make it easier to get access to financial services for your business.
This program is optional. We will only share information with your permission.
Information you can share
You can authorize DCC to share any of the following information with your financial institutions.
Application information
This lets DCC share your license or renewal application. DCC does not share criminal background information or the personal information of owners.
Compliance and enforcement information
This lets DCC share any documents issued to you in a disciplinary proceeding including:
- Citation
- Notice of embargo
- Notice of suspension or revocation
Track and Trace information
This lets DCC share data you enter into the Track and Trace system. DCC does not share information about employees or information about other licensed businesses you work with. Data we share includes:
- On-hand inventory
- Transfers of cannabis and cannabis products into and out of your premises
- Sales (for retailers)
How to authorize release of information
Sharing information with a financial institution is a two-part process.
- You authorize DCC to release information.
- The financial institution requests the information they need.
Licensee authorization process
- Complete the Licensee Authorization for Release of Information form
This form tells us which financial institutions can request your information and what you want us to share. We will not share any information with anyone unless you authorize it. - Email the completed form to licensing@cannabis.ca.gov
The DCC licensing team will email you when we’ve processed your request.
You can withdraw your authorization at any time.
Financial institution request process
Financial institutions cannot request information until the licensee completes the authorization process.
- Complete the Financial Institution Request form
This form tells us the information you’re requesting and the type of financial service you provide. - Email the completed form to licensing@cannabis.ca.gov
The DCC licensing team will email you with the information requested. We will let you know if you requested information the licensee has not authorized us to release.
Insurance
Insurance protects businesses against certain types of risks, such as:
- Property damage
- Liability
- Worker injury
- Natural disasters
When buying insurance, ask your agent or broker if your business would be covered in the event of a cannabis-related loss. Some policies have cannabis or public policy exclusions in them.
The California Department of Insurance has resources to help you:
- Find an insurance provider
- Verify your insurance agent is licensed
- Learn more about insurance policies
Cannabis businesses are required to have certain types of insurance coverage, depending on their license type. More information is available in the DCC regulations.
