New Bill Would Protect Banks Providing Services To Legal Cannabis Business In Delaware

On Thursday, state regulators introduced House Bill 355 that would "provide legal protections for financial institutions and other entities that provide financial or accounting services to cannabis-related businesses that are licensed or registered under Delaware law." 

The measure, sponsored by Rep. Ed Osienski (D) has been assigned to the House Economic Development/Banking/Insurance & Commerce Committee.

"Specifically, it clarifies that banks, credit unions, armored car services, and providers of accounting services are not subject to prosecution under Delaware law merely by providing lawful services to licensed businesses engaged in the production, distribution and sale of cannabis in Delaware. 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," reads the bill's synopsis. 

State Treasurer Colleen Davis (D) praised the measure's introduction, stressing the need for such regulations, reported CoastTV. 

"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,” Davis said. “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."

Meanwhile, state senators on Wednesday approved another cannabis measure from Oseinski – House Bill 285. This piece of legislation amends the Delaware Medical Marijuana Act by removing the requirement that a patient has a debilitating medical condition to qualify for an MMJ card. The new bill would allow health-care providers to determine whether a “patient has a diagnosed medical condition for which the patient would receive therapeutic or palliative benefit from the use of medical marijuana." Under this measure, elderly patients (65 and older) would be able to self-certify for medical marijuana access without a physician’s recommendation.

Related Links: 

DC’s Weed Gifting Goes Legit, Nebraskans Want Medical Marijuana Legalized And More Cannabis Regs 

Washington State Rethinks ‘Prohibited Conduct,’ New Hampshire Debates Weed Franchise Model And More 

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