The Governor of Delaware, John Carney (D), has ratified a legislative bill geared toward providing protection at the state level for banks that facilitate transactions for licensed cannabis businesses. This validation comes as Delaware is on the cusp of initiating its market for recreational marijuana.
The bill, crafted by Rep. Ed Osienski (D) and Sen. Trey Paradee (D), obtained the governor’s sanction last week, about four months after the legislative body gave it the go-ahead. As Delaware ventures into the cannabis industry, these protections are critical as they confirm that banks, credit unions, and other entities such as accounting and armored car services, will not face prosecution at the state level for conducting business with cannabis enterprises.
Fostering Economic Growth and Ensuring Cannabis Businesses Adhere to Regulatory Standards
During the Senate’s evaluation of the bill in June, Osienski articulated the importance of equipping Delaware’s “regulated and safe industry to outdo the illegal market”. Paradee seconded this view, applauding the economic and tax advantages that cannabis merchants will bring to the state, including local job creations and tax revenues.
Additionally, the bill strives to facilitate the smooth functioning of cannabis-related enterprises by ensuring their access to necessary financial and accounting services. This move is a significant stride made by Delaware amidst the impasse in federal marijuana banking reforms. Even though the Senate Democratic leadership has labeled the Secure and Fair Enforcement Regulation (SAFER) Banking Act a high priority, the future of the bill is still in limbo.
Complementing ongoing marijuana reforms, Governor Carney also recently ratified a slew of other laws. These incorporate the allowance for existing medical marijuana businesses in Delaware to swiftly transition to recreational sales and change the regulatory authority for the medical program. Also included are several technical amendments to current marijuana laws.
This policy adjustment alleviates restrictions for medical cannabis patients, bypassing restrictions on eligibility based on specific health conditions.
Medical practitioners will henceforth have the discretion to authorize cannabis prescriptions for any ailment they deem suitable. Furthermore, the law allows patients aged 65 and above to self-qualify for medical cannabis access, thereby eliminating the need for a doctor’s endorsement.