Financial institutions that serve licensed marijuana businesses in Delaware will be protected from state-level prosecution under a bill that Delaware’s governor recently signed into law.
The new law – which Gov. John Carney signed Oct. 9 – protects banks, credit unions, armored-car services and accounting firms from state prosecution for working with regulated cannabis operators.
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“This Act aims to facilitate the operation of cannabis-related businesses by helping to ensure that such businesses have access to necessary financial and accounting services,” according to the bill’s synopsis.
Delaware, which is expected to launch adult-use cannabis sales in 2025, has received more than 1,200 applications for business licenses.
The state will conduct a lottery to determine who will receive the 125 licenses:
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