Legislation to protect banks and other financial institutions that provide services to state-legal marijuana businesses has been given approval by the Delaware Legislature.
House Bill 355, sponsored by Representative Ed Osienski and Senator Trey Paradee, clarifies that providing financial services to legal cannabis businesses is lawful under Delaware state law. Passage of the bill removes a major barrier for the cannabis industry, which has struggled to access traditional banking services due to the continued federal classification of marijuana as a Schedule I drug.
“This legislation is a critical step forward for Delaware’s cannabis industry,” said State Treasurer Colleen Davis. “By ensuring safe access to banking services, we are empowering legitimate businesses to operate transparently and securely.”
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