 Cannabis businesses around the country are still waiting for the Federal government to pass legislation for safe banking.
This past week, Pennsylvania took action to benefit it’s own state’s cannabis businesses. A state Senate committee approved bipartisan legislation to give cannabis businesses better access to banking and insurance services, (according to local television station WHTM). According to Local 21 News, the “bill puts safeguards in place so banks and insurers can do business with the medical cannabis industry without fear of penalty.” One of the bills authors’ Senator John DiSanto said, “Access to financial and insurance services is essential for operating any business, and it is against the public interest to relegate a multi-billion-dollar industry to deal in piles of cash,” The second author of the bill, Democrat Sharif Street, added, that they wanted to , “do something, because right now, most banks are scared to do anything.” In another outstanding part of the new legislation, the state will now allow medical cannabis businesses the ability to deduct ordinary business expenses on their state taxes. Comments are closed.
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