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MARIJUANA MOMENT
DELAWARE TREASURER PROMOTES NEW MARIJUANA BANKING BILL TO PROVIDE STATE-LEVEL
PROTECTIONS
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* Delaware Treasurer Promotes New Marijuana Banking Bill To Provide
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POLITICS
DELAWARE TREASURER PROMOTES NEW MARIJUANA BANKING BILL TO PROVIDE STATE-LEVEL
PROTECTIONS
Published
1 hour ago
on
March 26, 2024
By
Kyle Jaeger
Delaware’s treasurer is promoting new legislation that would provide state-level
protections to banks that provide services to licensed marijuana businesses.
The bill was filed by Rep. Ed Osienski (D) and Sen. Trey Paradee (D) in
partnership with state Treasurer Colleen Davis (D). It comes amid mounting
pressure on Congress to enact federal cannabis banking reform.
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.
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“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,” the bill synopsis says.
Davis, the treasurer, said in a press release last week that “H.B. 355 will
provide state-level legal protection, and a clear legal framework for banks,
payment processors, and other financial service providers to follow.”
“It can also ease concerns about federal enforcement and regulatory compliance
among these businesses—since it allows them to demonstrate to federal agencies
that they’re following a clear legal framework, ultimately leading to a safer
and more transparent marijuana industry,” she said.
A press release from Davis’s office also says that, in addition to providing the
basic protections, the bill would effectively boost the economy, enhance safety
and promote competition.
“Across the country, we’ve witnessed dispensaries and banks alike struggling
with legal uncertainty surrounding financial and accounting services for
cannabis businesses,” Osienski, the House sponsor, said. “This uncertainty not
only undermines the operations of state-compliant dispensaries but also hinders
their access to basic business functions such as access to banking, acquiring
loans, or paying taxes.”
“We want Delaware’s safe and regulated industry to out-compete the black
market,” the lawmaker, who also sponsored legislation that legalized marijuana
last year, said. “By providing dispensaries with a secure avenue to banking and
compliance services, we empower them to contribute positively to our economy,
keep costs down for the industry and customers, employ local talent, and fulfill
their tax obligations.”
Paradee, the Senate lead on the legislation, said that, “with an over-reliance
on cash-transactions, retailers are at a disadvantage in terms of their banking,
compliance, and safety needs.”
“With the passage of this legislation, the State can ensure that these types of
businesses have a clear path towards access to those critical services,” he
said.
The banking bill comes as regulators are rolling out a series of draft
regulations to stand up the adult-use cannabis market. The current timeline puts
the launch of the market at March 2025, according to Delaware Marijuana
Commissioner Robert Coupe.
Coupe also weighed in on the banking measure, stating that the “inability to
access traditional banking services presents a serious challenge for Delaware’s
marijuana businesses.”
“Cash-intensive operations leave the businesses vulnerable to theft and other
crimes, and present additional obstacles in their efforts to comply with tax
laws,” he said.
Meanwhile, a Delaware Senate committee approved a House-passed bill last week to
significantly expand the state’s medical marijuana program 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.
The legislation would also allow patients over the age of 65 to self-certify for
medical cannabis access without the need for a doctor’s recommendation.
—
Marijuana Moment is tracking more than 1,400 cannabis, psychedelics and drug
policy bills in state legislatures and Congress this year. Patreon supporters
pledging at least $25/month get access to our interactive maps, charts and
hearing calendar so they don’t miss any developments.
Learn more about our marijuana bill tracker and become a supporter on Patreon to
get access.
—
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.
Senate Majority Leader Chuck Schumer (D-NY) recently asked people to show their
support for a marijuana banking bill by signing a petition as he steps up his
push for the legislation.
Schumer told Marijuana Moment earlier this month that the bill remains a “very
high priority” for the Senate, and members are having “very productive”
bicameral talks to reach a final agreement.
Ongoing federal marijuana prohibition has created a “real problem” for banks
amid the growing state legalization movement, Treasury Secretary Janet Yellen
recently said, adding that it would be “desirable” for Congress to pass reform
legislation to address the issue.
> Maine Lawmakers Approve Bill To Create Psychedelics Commission To Explore
> Regulated Access After Amending Legalization Proposal
Marijuana Moment is made possible with support from readers. If you rely on our
cannabis advocacy journalism to stay informed, please consider a monthly Patreon
pledge.
Related Topics:featured
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Kyle Jaeger is Marijuana Moment's Sacramento-based managing editor. His work has
also appeared in High Times, VICE and attn.
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