The Delaware Senate has approved a House-passed bill that would enact state-level protections for banks that provide services to licensed marijuana businesses—sending it to the governor’s desk.
The legislation, filed by Rep. Ed Osienski (D) and Sen. Trey Paradee (D), cleared the House in March and then moved through the Senate Health & Social Services Committee before being approved on the floor in a 16-5 vote on Tuesday.
The measure is designed to clarify that banks, credit unions, armored car services and accounting services providers are not subject to state-level prosecution simply for working with cannabis businesses.
State Treasurer Colleen Davis (D), who previously endorsed the marijuana banking proposal, said in a press release on Wednesday that the legislation represents “a critical step forward for Delaware’s cannabis industry.”
“By ensuring safe access to banking services, we are empowering legitimate businesses to operate transparently and securely,” she said.
Osienski, the sponsor, said lawmakers “want Delaware’s safe and regulated industry to out-compete the illegal market.”
“By providing dispensaries with a secure avenue to banking and compliance services, we empower them to contribute positively to our economy, keep costs down for the industry and customers, employ local talent, and fulfill their tax obligations,”
Read full article on Marijuana Moment
