A proposed bill in Pennsylvania would shield from prosecution banks, credit unions, and insurance companies that do business with legal marijuana companies in the state.
Gov. Tom Wolf is considering House Bill 331, which is currently on his desk after passing Pennsylvania’s House of Representatives and being amended by the state senate, the Pittsburgh Post-Gazette reported Thursday.
But Pennsylvania cannabis attorney Michael Sampson told the newspaper that the law would prevent prosecution only under state laws, not federal statutes.
“Even after passage, the bank still may not be safe from the possibility of federal prosecution or interference,” Sampson said.
Jordan Grant, director of government relations with the industry group Pennsylvania Association of Community Bankers, told the newspaper that he expects the law to improve cannabis industry access to banking services.
Are you a social equity cannabis license holder or applicant?
The MJBizCon team is now accepting 2023 Social Equity Scholarship Program applications.
The mission of this program is to provide social equity cannabis license holders or applicants access to the #1 global cannabis industry conference + tradeshow in Las Vegas.
Who can apply?
- Students currently enrolled in a cannabis-related program at an accredited university or college.
- Cannabis executives at licensed social equity cultivation, extraction/processing, retail, manufacturing/brand businesses (or awaiting application approval).
Don’t miss out on this potentially life-changing opportunity.
Apply to attend MJBizCon today – The application period will close on July 24!
Hopes for federal cannabis banking reform remain stalled after the SAFE Banking Act was stripped from an omnibus bill in June.
Cannabis sales through Pennsylvania’s medical marijuana program are estimated to total between $1.6 billion and $2 billion this year and grow $2.2 billion to $2.7 billion, according to the 2022 MJBiz Factbook.