As reported by Law360 here, state regulators in California have proposed regulations designed to decriminalize under state law activities by banks and accountants working with the cannabis industry, purporting to ease access to financial services for marijuana businesses. Such state legislation appears more symbolic than realistic, however, as most banks will continue to refuse working with cannabis businesses as the industry remains illegal under federal law.
The unique nature of marijuana businesses, and their complex interplay with state and federal regulatory regimes, as well as the unique risks they face all make for a complex valuation picture.