A Pennsylvania law could make cannabis banking easier in the state

Through Johanna Skopl

A Pennsylvania General Assembly 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, “Provide a legitimate cannabis-related business and an incentive-based savings program; and the imposition of a penalty,” the bill reads.

Photo by Ivan-balvan/Getty Images

RELATED: This Senator Says Congress Must Keep Up with Americans and Pushes Cannabis Banking Reform Bill

Now Gov. Tom Wolf is considering the bill, which was mailed to him on July 7 after it was passed by the Pennsylvania House of Representatives and amended by the State Senate.

“The law would prevent prosecution only under state law, not federal law,” said Meredith Buttner, executive director of the Pennsylvania Cannabis Coalition. “Even after passage, the bank may still not be safe from the possibility of criminal prosecution or federal interference.”

“I expect the law to improve the cannabis industry’s access to banking services,” said Jordan Grant, director of government relations at the Pennsylvania Association of Community Bankers industry group.

After the Senate rejected the SAFE Act and as a result the Marijuana Banking Bill is still not part of the America COMPETES Act, hopes for federal cannabis banking reform remain on hold.

“Legal cannabis companies don’t have access to banks or the insurance market like other companies do,” said Michael H. Sampson, co-head of the Cannabis Industry Group at Leech Tishman Fuscaldo & Lampl’s Downtown Law Offices.

However, cannabis sales in PA this year are estimated at $1.6 billion to $2 billion, growing from $2.2 billion to $2.7 billion through the medical marijuana program.

marijuana moneyPhoto by IURII BUKHTA/Getty Images

RELATED: Bipartisan lawmakers introduce marijuana banking amendment to push National’s passage

In addition, doctors in PA can prescribe cannabis for various conditions such as chronic pain, nausea and multiple sclerosis. Additionally, marijuana patients and caregivers across the state have been issued marijuana cards that allow them to purchase cannabis from dispensaries.

So fingers crossed.

This article originally appeared on Benzinga and has been republished with permission.

Post a comment:

Your email address will not be published. Required fields are marked *