Pennsylvania Cannabis Banking Bill Receives Unanimous Committee Support

Pennsylvania Cannabis Banking Bill Receives Unanimous Committee Support

<![CDATA[As the federal push to provide safe banking to the cannabis industry has repeatedly stalled in Washington, D.C., some state lawmakers are now trying to take the matter upon themselves. Most recently, Pennsylvania legislation that aims to authorize financial institutions and insurers to provide services to the state’s medical cannabis business found unanimous support in the Senate Banking and Insurance Committee March 30. The legislation, Senate Bill 1167, is sponsored by Republican Sen. John DiSanto and has 13 bipartisan co-sponsors. DiSanto serves as the chair of the Banking and Insurance Committee. “Access to financial and insurance services is essential for operating any business and it is against the public interest to relegate a multibillion-dollar industry to deal in piles of cash,” DiSanto said in a press release. “Banking this cash safely in Pennsylvania provides certainty for businesses, is a huge opportunity to grow our economy, and should ultimately lower costs for medical cannabis consumers.” Pennsylvania is one of 37 states to legalize medical cannabis, while 18 states and Washington, D.C., have legalized adult-use cannabis. While some cannabis businesses utilize local and regional banking in the U.S., options are limited with the plant still illegal under federal law. By and large, the cannabis industry operates in cash without federal clarity providing safe harbor to financial institutions servicing cannabis clients. In part, that’s made many cannabis retailers targets of violent crime. Notably, there was a string of fatal incidents involving cannabis dispensary robberies in Tacoma, Wash., and Seattle earlier this month. In December 2021, California experienced a mass of robberies in the Bay Area, including “hundreds” of roving caravans taking aim at dispensaries in Oakland. RELATED: Bay Area Cannabis Mayhem: 175 Shots Fired, Products Worth Millions Stolen While U.S. Rep. Ed Perlmutter has provided a beacon of hope to industry stakeholders via…

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Source : Pennsylvania Cannabis Banking Bill Receives Unanimous Committee Support

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