New Delaware legislation looks to protect financial institutions who work with marijauna industry

Delaware- New legesilation introduce in the first state looks to protect banks and other businesses that provide financial services to those in the marijuana industry.

House Bill 355 clarifies that providing such financial services to these businesses is legal under Delaware state law and aims to reassure that such instituttions providing financial services to those in the legal marijuana business will not risk 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…” Says treasurer Colleen Davis, who is in a partnership with the bills sponsors.

“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…”

Some key provisions of the new legislation include state-level legal protection, that hopes to reduce banks’ fear of prosecution or penalties.

More sercure transactions, that would allow marijauana business to utilize traditional banking methods, which would eliminate the dangers of associated with managing large amounts of cash.

The bill also hopes to increase safety for customers of the marijuana industry, as cash oriented businesses are more prone to theft and robberies, which can be violent.