Pennsylvania Bill Could Make Cannabis Banking In The State Easier
A Pennsylvania General Assembly bill would protect banks, credit unions, and insurance companies that do business with cannabis companies that are legal in their state.
Bill 331 amends Title 12, Commerce and Commerce, of Pennsylvania's Consolidated Statutes, "providing for legitimate cannabis-related activities and an incentive-based savings program; and imposing a penalty," the bill reads.
Now Governor Tom Wolf is considering the bill, which was sent to his office on July 7, after being passed by the Pennsylvania House of Representatives and amended by the Senate of the state.
"The law would only prevent lawsuits under state law, not federal law," said Meredith Buettner, executive director of the Pennsylvania Cannabis Coalition. "Even after passage, the bank may still not be immune from the possibility of federal lawsuits or interference."
"I expect the law will improve the cannabis industry's access to banking services," said Jordan Grant, director of government relations with industry group Pennsylvania Association. of Community Bankers.
After the Senate voted down the SAFE Act and therefore the Marijuana Bank Bill still not part of the U.S. COMPETE Act, hopes for federal drug reform cannabis banks remain on hold.
"Legal cannabis companies don't have access to banks or the insurance market like other businesses," said Michael H. Sampson, co-head of Cannabis Industry Group at Downtown Law Offices. by Leech Tishman Fuscaldo & Lampl.
However, cannabis sales in PA are estimated to total between $1.6 billion and $2 billion this year and will increase from $2.2 billion to $2.7 billion, through its medical marijuana program.
In addition, physicians in PA can prescribe cannabis for different medical conditions such as chronic pain, nausea, and multiple sclerosis. Additionally, marijuana patients and caregivers have been issued in-state marijuana cards that allow them to purchase cannabis at dispensaries.
So, fingers crossed.
Photo: Courtesy of Philippe Oursel on Unsplash
CANNABIS BENZINGA CONFERENCEMeet the biggest players in the cannabis industry and strike deals that will drive the industry forward.
With live company presentations, insider panels and unparalleled access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet .
Join us September 13-14, 2022 at The Palmer House in Chicago, IL.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
A Pennsylvania General Assembly bill would protect banks, credit unions, and insurance companies that do business with cannabis companies that are legal in their state.
Bill 331 amends Title 12, Commerce and Commerce, of Pennsylvania's Consolidated Statutes, "providing for legitimate cannabis-related activities and an incentive-based savings program; and imposing a penalty," the bill reads.
Now Governor Tom Wolf is considering the bill, which was sent to his office on July 7, after being passed by the Pennsylvania House of Representatives and amended by the Senate of the state.
"The law would only prevent lawsuits under state law, not federal law," said Meredith Buettner, executive director of the Pennsylvania Cannabis Coalition. "Even after passage, the bank may still not be immune from the possibility of federal lawsuits or interference."
"I expect the law will improve the cannabis industry's access to banking services," said Jordan Grant, director of government relations with industry group Pennsylvania Association. of Community Bankers.
After the Senate voted down the SAFE Act and therefore the Marijuana Bank Bill still not part of the U.S. COMPETE Act, hopes for federal drug reform cannabis banks remain on hold.
"Legal cannabis companies don't have access to banks or the insurance market like other businesses," said Michael H. Sampson, co-head of Cannabis Industry Group at Downtown Law Offices. by Leech Tishman Fuscaldo & Lampl.
However, cannabis sales in PA are estimated to total between $1.6 billion and $2 billion this year and will increase from $2.2 billion to $2.7 billion, through its medical marijuana program.
In addition, physicians in PA can prescribe cannabis for different medical conditions such as chronic pain, nausea, and multiple sclerosis. Additionally, marijuana patients and caregivers have been issued in-state marijuana cards that allow them to purchase cannabis at dispensaries.
So, fingers crossed.
Photo: Courtesy of Philippe Oursel on Unsplash
CANNABIS BENZINGA CONFERENCEMeet the biggest players in the cannabis industry and strike deals that will drive the industry forward.
With live company presentations, insider panels and unparalleled access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet .
Join us September 13-14, 2022 at The Palmer House in Chicago, IL.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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