The governor of Pennsylvania on Monday signed a bill that includes provisions to protect banks and insurers in the state that work with licensed medical marijuana businesses.
Pro-legalization Gov. Tom Wolf (D) approved the measure sent to his desk by the Republican-controlled legislature, which mirrors a standalone bill that previously advanced before being attached to a separate measure.
As a standalone measure, the cannabis banking reform passed the Senate earlier this year, and it also cleared a House committee last month. But the chief sponsor, Sen. John DiSanto (R), then filed it as amendment to now-signed HB 311, which deals with authorizing certain financial institutions to conduct savings promotion programs.
The Pennsylvania cannabis 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.
The amendment included in the enacted measure 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.
It states that a “financial institution authorized to engage in business in this Commonwealth may provide financial services
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