Pennsylvania Marijuana Banking And Insurance Bill Heads To Governor’s Desk

Pennsylvania Marijuana Banking And Insurance Bill Heads To Governor’s Desk
MJ moment

A Pennsylvania bill that includes provisions to protect banks and insurers in the state that work with licensed medical marijuana businesses is heading to the governor’s desk following a House vote on Friday. The legislation, which mirrors a standalone bill that has previously advanced through the legislature this session, was approved in a 173-27 vote. As a standalone measure, the cannabis banking reform passed the Senate earlier this year, and it also cleared a House committee last week. But the chief sponsor, Sen. John DiSanto (R), then filed it as amendment to now-passed HB 311, which deals with authorizing certain financial institutions to conduct savings promotion programs. The Pennsylvania cannabis legislation—now on its way to the desk of Gov. Tom Wolf (D), who supports marijuana legalization—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. “These financial institutions and insurers are still to follow the rules regulations applicable to all their other customers and consumer protection laws in the Commonwealth,” House Majority Leader Kerry Benninghoff (R) said before the vote. “Currently, there is no law for the protection of banking or funds, or protection for insurers, for the legitimate cannabis businesses in the Commonwealth.” The HB 311 amendment will not immunize banks and insurers from potential federal repercussions—but it represents an interim step meant to signal to the financial sector that they at least won’t face penalties under state law. The text of the Pennsylvania legislation states that a “financial institution authorized to engage in business in this Commonwealth may provide financial services to or for the benefit of a legitimate cannabis-related business and the business associates of a legitimate cannabis-related business.” The same protections will also be codified for…

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Source : Pennsylvania Marijuana Banking And Insurance Bill Heads To Governor’s Desk

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