Delaware’s treasurer is promoting new legislation that would provide state-level protections to banks that provide services to licensed marijuana businesses.
The bill was filed by Rep. Ed Osienski (D) and Sen. Trey Paradee (D) in partnership with state Treasurer Colleen Davis (D). It comes amid mounting pressure on Congress to enact federal cannabis banking reform.
The Delaware 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.
“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,” the bill synopsis says.
Davis, the treasurer, said in a press release last week that “H.B. 355 will provide state-level legal protection, and a clear legal framework for banks, payment processors, and other financial service providers to follow.”
“It can also ease concerns about federal enforcement and regulatory compliance among these businesses—since it allows them to demonstrate to federal agencies that they’re following a clear legal framework, ultimately leading to a safer and more transparent marijuana industry,” she said.
A press release from Davis’s office also says that, in addition
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