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Pennsylvania Governor Signs Marijuana Banking And Insurance Reform Bill Into Law


The governor of Pennsylvania on Monday signed a bill that includes provisions to protect banks and insurers in the state who work with licensed medical marijuana businesses.

Pro-legalization Gov. Tom Wolf (D) endorsed the measure sent to his office by the Republican-controlled Legislature, which mirrors a standalone bill that had previously advanced before being attached to a separate measure.

As a stand-alone measure, Cannabis Banking Reform passed the Senate earlier this year, and he also authorized a House committee last month. But lead sponsor Sen. John DiSanto (R) then tabled it as an amendment to the now-signed HB 311, which deals with authorizing certain financial institutions to conduct savings promotion programs.

Cannabis legislation in Pennsylvania is another example of how states are scrambling to provide protections for financial institutions that want to serve the cannabis market as Congress continues to block a federal solution.

The amendment included in the enacted law measure will not immunize banks and insurers from potential federal repercussions, but it represents an interim step intended to signal to the financial industry that at least they will not face penalties under state law .

It states that a “financial institution licensed to do business in this Commonwealth may provide financial services

Read the full article at Marijuana Time



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