Bill Protecting Financial Institutions Serving Cannabis Firms

Pennsylvania Governor Signs Bill Protecting Financial Institutions Serving Cannabis Firms

In July, the governor of Pennsylvania signed a bill that includes provisions to safeguard banks and insurance firms in the state that deal with lawful medical marijuana companies.

Pennsylvania’s Governor Tom Wolf (D) has signed a bill intended to protect banking institutions and insurance companies who work with medical cannabis firms in the state from prosecution, Marijuana Moment reports.

The measure only protects banks and insurers who work with medical cannabis companies from state interference. The report says that the measure does not protect them from federal interference.

The legislation says a “financial institution (and insurers) authorized to engage in business in this Commonwealth may provide financial services to or for the benefit of a legitimate cannabis-related business and the business associates of a legitimate cannabis-related business.”

Banks and insurers are not required to take on cannabis-related clients and businesses.

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