A Delaware legislative panel has approved a bill that would enact state-level protections for banks that provide services to licensed marijuana businesses.
The bill, filed by Rep. Ed Osienski (D) and Sen. Trey Paradee (D), has the endorsement of state Treasurer Colleen Davis (D). Its approval on Tuesday by the House Economic Development/Banking/Insurance & Commerce Committee comes amid mounting pressure on Congress to enact federal cannabis banking reform.
“This legislation will provide more financial transparency, customer convenience and a much safer environment when retail marijuana traction transactions begin,” Osienski, who also sponsored legislation that legalized marijuana last year, told the committee ahead of the vote.
“The way things are operating right now in Delaware increases the costs to legal marijuana businesses, which then those increased costs get passed on to the customers,” he said. “What we’re trying to do here in Delaware is to compete against the illegal market. So this is good legislation to help those in Delaware that are getting into this industry to be able to have banking services that our other businesses have the opportunity to have in Delaware.”
The Delaware measure is designed to clarify that banks, credit unions, armored car services and accounting services providers
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