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A Delaware legislative panel has approved a bill\u00a0that would enact state-level protections for banks that provide services to licensed marijuana businesses<\/a>.<\/p>\n 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.<\/p>\n \u201cThis legislation will provide more financial transparency, customer convenience and a much safer environment when retail marijuana traction transactions begin,\u201d Osienski, who also sponsored legislation that legalized marijuana last year<\/a>, told the committee ahead of the vote.<\/p>\n \u201cThe 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,\u201d he said<\/a>. \u201cWhat we\u2019re 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.\u201d<\/p>\n 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.<\/p>\n \u201cThis 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,\u201d the bill synopsis says.<\/p>\n Davis, the treasurer, said in a press release last week that \u201cH.B. 355 will provide state-level legal protection, and a clear legal framework for banks, payment processors, and other financial service providers to follow.\u201d<\/p>\n \u201cIt can also ease concerns about federal enforcement and regulatory compliance among these businesses\u2014since it allows them to demonstrate to federal agencies that they\u2019re following a clear legal framework, ultimately leading to a safer and more transparent marijuana industry,\u201d she said.<\/p>\n A press release from Davis\u2019s office also says that, in addition to providing the basic protections, the bill<\/a> would effectively boost the economy, enhance safety and promote competition.<\/p>\n The banking bill comes as regulators are rolling out a series of draft regulations to stand up the adult-use cannabis market<\/a>. The current timeline puts the launch of the market at March 2025, according to Delaware Marijuana Commissioner Robert Coupe.<\/p>\n Coupe also weighed in on the banking measure, stating that the \u201cinability to access traditional banking services presents a serious challenge for Delaware\u2019s marijuana businesses.\u201d<\/p>\n \u201cCash-intensive operations leave the businesses vulnerable to theft and other crimes, and present additional obstacles in their efforts to comply with tax laws,\u201d he said.<\/p>\n Meanwhile, a Delaware Senate committee approved a House-passed bill last week to significantly expand the state\u2019s medical marijuana program<\/a> by removing limitations for patient eligibility based on a specific set of qualifying health conditions. Instead, doctors could issue marijuana recommendations for any condition they see fit.<\/p>\n The legislation would also allow patients over the age of 65 to self-certify for medical cannabis access without the need for a doctor\u2019s recommendation.<\/p>\n \u2014 The new financial services legislation, meanwhile, is the latest example of a state proactively seeking to provide marijuana banking protections as federal reform continues to stall. However, congressional leaders have signaled that they intend to prioritize the Secure and Fair Enforcement Regulation (SAFER) Banking Act this year.<\/p>\n Senate Majority Leader Chuck Schumer (D-NY) recently asked people to show their support for a marijuana banking bill<\/a> by signing a petition as he steps up his push for the legislation.<\/p>\n Schumer told Marijuana Moment earlier this month that\u00a0the bill remains a \u201cvery high priority\u201d for the Senate<\/a>, and members are having \u201cvery productive\u201d bicameral talks to reach a final agreement.<\/p>\n Ongoing federal marijuana prohibition has created a \u201creal problem\u201d for banks amid the growing state legalization movement<\/a>, Treasury Secretary Janet Yellen recently said, adding that it would be \u201cdesirable\u201d for Congress to pass reform legislation to address the issue.<\/p>\n Virginia Governor Says Anyone Who Thinks He\u2019ll Sign A Marijuana Sales Bill \u2018Must Be Smoking Something\u2019<\/a><\/p>\n<\/blockquote>\n\n The post Delaware Lawmakers Approve Marijuana Banking Bill That Aims To Provide State-Level Protections<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n
A Delaware legislative panel has approved a bill\u00a0that 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 HouseContinue Reading<\/a><\/span><\/p>\n","protected":false},"author":458,"featured_media":73556,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18,81],"tags":[],"_links":{"self":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/73555"}],"collection":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/users\/458"}],"replies":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/comments?post=73555"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/73555\/revisions"}],"predecessor-version":[{"id":73557,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/73555\/revisions\/73557"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media\/73556"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=73555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=73555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=73555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nRead More: Delaware Lawmakers Approve Marijuana Banking Bill That Aims To Provide State-Level Protections<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"