A second Pennsylvania Senate committee has approved a bill to safeguard banks and insurers against being penalized by state regulators for working with state-legal medical marijuana businesses. The Senate Appropriations Committee unanimously passed the bipartisan legislation from Sens. John DiSanto (R) and Sharif Street (D) on Monday in a 24-0 vote, sending it to the floor, where it’s expected to be taken up within days. This effort is one of the latest examples of how states are working to provide financial protections to institutions that are willing to service the cannabis market as Congress continues to stall on a federal fix. The Pennsylvania bill, which previously advanced through the Senate Banking & Insurance Committee late last month, would not immunize banks and insurers from potential federal repercussions—but it’s an interim step meant to signal to the financial sector that they at least won’t face penalties under state law. “Federal prohibition has forced the cannabis industry to deal in piles of cash, as proceeds may be considered a federal crime or money laundering,” DiSanto said at Monday’s hearing. “This makes dispensaries a target for armed robbery.”
Kyle Jaeger, Marijuana Moment, 04/12/2022 11:08:00