 A Pennsylvania bill to help open the door for more banks to do business with the Cannabis industry within the state has passed a Senate Appropriations Committee this week.
That bill is now headed to the floor where a full Senate House vote is expected within days. The bill puts safeguards in place so that banks and insurers can do business with the cannabis industry without fear of penalty from the state. The bill would also allow medical cannabis businesses the ability to deduct ordinary business expenses on their state taxes. One of the bills authors’ Senator John DiSanto noted that the Federal prohibition has forced the cannabis industry to deal in piles of cash, and said, “This makes dispensaries a target for armed robbery ... Improved access to financial services will reduce this public safety risk and is essential to operate any legal business ... Banking this cash in Pennsylvania will grow our economy and lower costs for medical patients.” Meanwhile, Washington is still sitting on the Secure And Fair Enforcement Banking Act, otherwise known as the SAFE Banking Act. Biden’s Treasure Secretary Janet Yellen echoes many legislatures thoughts saying that it’s “extremely frustrating” that Congress hasn’t “been able to resolve it.” Comments are closed.
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