Proposed Pennsylvania law could ease marijuana banking in state

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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.

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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.