Pennsylvania Marijuana Banking Bill Clears House Committee After Passing Full Senate
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A Pennsylvania House committee on Wednesday approved a Senate-passed bill to protect banks and insurers that work with medical marijuana businesses against being penalized by state regulators. The House Commerce Committee advanced the legislation from Sens. John DiSanto (R) and Sharif Street (D), with two amendments, in a 22-1 vote. This action comes about two months after the full Senate passed the measure. Chairman Brad Roae (R) filed both amendments. One clarifies that banking protections only apply to state-legal medical cannabis businesses and not to any broader recreational marijuana businesses that may become legal in the state in the future. The other, more technical change, removes a specific mention of the federal Securities and Exchange Commission (SEC) and replaces that with a broader reference to a “federal financial regulatory agency.” While one member described the first amendment “redundant,” it was still adopted, as was the other revision. Because the bill has now been changed from its Senate-passed form, it will have to return to that chamber for concurrence if it passes on the House floor. Minority Chairman John Galloway (D) hinted at additional amendments that could come before the full House, saying that there are “certain things the district attorneys and the Attorney General pointed out—they seem to be technical in nature, but they’re important.” “But we’ve got to move this bill along. We’re running out of time, and it’s a good bill,” he said. “So I’m going to support it and look forward to working this bill over the finish line.” The Pennsylvania legislation is another example of how states are working to provide protections to financial institutions that are willing to service the cannabis market as Congress continues to stall on a federal fix. — Marijuana Moment is already tracking more than 1,000 cannabis, psychedelics and drug policy…

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Source : Pennsylvania Marijuana Banking Bill Clears House Committee After Passing Full Senate

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