A second Pennsylvania Senate committee has approved a bill to safeguard banks and insurers against being penalized by state regulators for working with state-legal medical cannabis businesses.
The Senate Appropriations Committee unanimously passed the bipartisan legislation from Sens. John DiSanto (R) and Sharif Street (D) on Monday in a 24-0 vote, sending it to the floor, where it’s expected to be taken up within days.
This effort is one of the latest examples of how states are working to provide financial protections to institutions that are willing to service the cannabis market as Congress continues to stall on a federal fix.
The Pennsylvania bill, which previously advanced through the Senate Banking & Insurance Committee late last month, would not immunize banks and insurers from potential federal repercussions—but it’s an interim step meant to signal to the financial sector that they at least won’t face penalties under state law.
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