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,