by Joanna Skupplung
The Pennsylvania General Assembly’s bill would protect banks, credit unions and insurance companies that do business with legal cannabis companies in their state.
Bill 331 amends Title 12, Trade and Commerce, of the Pennsylvania Consolidated Statutes to “provide lawful cannabis-related businesses and incentive-based savings programs; and impose fines,” says the draft law.
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Now Gov. Tom Wolf is reviewing the bill, which was sent to his desk on July 7 after it was passed by the Pennsylvania House of Representatives and amended by the state Senate.
“The law will only prevent prosecution under state law, not federal law,” said Meredith Buttner, executive director of the Pennsylvania Cannabis Coalition. “Even after passing through, the bank may still not be immune from the possibility of federal prosecution or interference.”
“I hope the legislation will improve the cannabis industry’s access to banking services,” said Jordan Grant, director of government relations at the Pennsylvania Association of Community Bankers, an industry group.
With the Senate rejecting the SAFE Act and therefore the Marijuana Banking Bill still not being part of the US COMPETES Act, hopes for federal cannabis banking reform remain intact.
“Legal cannabis companies don’t have access to the banking or insurance market like other companies do,” said Michael H., co-chair of the Cannabis Industry Group at downtown law firm Leach Tishman Fuscaldo & Lampel. said Samson.
However, cannabis sales in PA this year are expected to be between $1.6 billion and $2 billion, up from $2.2 billion to $2.7 billion thanks to its medical marijuana program.
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In addition, doctors in PA can prescribe cannabis for a variety of conditions such as chronic pain, nausea and multiple sclerosis. In addition, marijuana patients and caregivers have received state marijuana cards that allow them to purchase cannabis from dispensaries.
So fingers crossed.
This article was originally published on Benzinga and republished with permission.