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News analysis

Pennsylvania banking bill welcomed, but it’s federal legislation they all want

Written by || 17th August 2022 || News analysis | Cannabis – medical | Regulation and legislation | GeographiesNorth America Pennsylvania United States

A recently signed state law will help shield banks, credit card companies and insurance companies in Pennsylvania from prosecution over transactions with legal cannabis companies. But industry leaders say more protection is needed after a similar bill at federal level was halted.

Pennsylvania governor Tom Wolf signed House Bill 331 into law in July, adding a section on “legitimate cannabis-related business” to Pennsylvania’s commerce and trade statutes. The bill received widespread bipartisan support in the state General Assembly, passing on a 173-27 vote in the House and by 46-4 in the Senate.

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