Pennsylvania Marijuana Banking Bill Heads To Senate Floor Following Second Committee Approval

Pennsylvania Marijuana Banking Bill Heads To Senate Floor Following Second Committee Approval
MJ moment

A second Pennsylvania Senate committee has approved a bill to safeguard banks and insurers against being penalized by state regulators for working with state-legal medical marijuana businesses. The Senate Appropriations Committee unanimously passed the bipartisan legislation from Sens. John DiSanto (R) and Sharif Street (D) on Monday in a 24-0 vote, sending it to the floor, where it’s expected to be taken up within days. This effort is one of the latest examples of how states are working to provide financial protections to institutions that are willing to service the cannabis market as Congress continues to stall on a federal fix. The Pennsylvania bill, which previously advanced through the Senate Banking & Insurance Committee late last month, would not immunize banks and insurers from potential federal repercussions—but it’s an interim step meant to signal to the financial sector that they at least won’t face penalties under state law. “Federal prohibition has forced the cannabis industry to deal in piles of cash, as proceeds may be considered a federal crime or money laundering,” DiSanto said at Monday’s hearing. “This makes dispensaries a target for armed robbery.” “Improved access to financial services will reduce this public safety risk and is essential to operate any legal business,” the senator said. “Banking this cash in Pennsylvania will grow our economy and lower costs for medical patients.” — Marijuana Moment is already tracking more than 1,000 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don’t miss any developments. Learn more about our marijuana bill tracker and become a supporter on Patreon to get access. — Street said at the hearing that passing the banking bill would “help modernize the medical marijuana industry.”…

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Source : Pennsylvania Marijuana Banking Bill Heads To Senate Floor Following Second Committee Approval

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