House Bill 355, sponsored by Delaware Rep. Ed Osienski (D-24th District) and Sen. Trey Paradee (D-17th District), in partnership with Delaware State Treasurer Colleen Davis, would ensure financial services provided to marijuana businesses are legal under state law. The bill also aims to assure financial services providers that they can provide services to legal marijuana businesses without facing criminal liability.
"Banks and credit unions are hesitant to serve the marijuana industry because of concerns regarding federal prosecution or penalties since marijuana remains illegal under federal law," Davis said. "H.B. 355 will provide state-level legal protection and a clear legal framework for banks, payment processors, and other financial service providers to follow. It can also ease concerns about federal enforcement and regulatory compliance among these businesses – since it allows them to demonstrate to federal agencies that they're following a clear legal framework, ultimately leading to a safer and more transparent marijuana industry."
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