AB 1525 IS NOT A BANKING BILL, IT’S A DATA GRAB OF YOUR PROPRIETARY BUSINESS AND CUSTOMER INFORMATION FOR A THIRD PARTY TO MONETIZE AND ENFORCE AGAINST YOU!
- AB 1525’s true intent is hiding behind the false promise of banking for the industry. The bill promotes a banking method that cannabis operators are already using. So what is the bill really doing?
- It authorizes a third party, Joint Powers Authority (JPA), to force you to give them all your personal license information, Track and Trace Data, as well as Point of Sales Data.
- A JPA such as the California Cannabis Authority (CCA) has stated they intend to collect this data to ensure maximum regulatory and tax compliance.
- CCA intends to monetize your personal data and make you pay them to collect it. They are duplicating the work of State and Local Agencies as well as METRC.
- JPA’s do not have the same requirements as the state to keep your data safe.