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Safe Harbor for Financial Institutions Serving Legal Cannabis Businesses
Safe Harbor for Financial Institutions Serving Legal Cannabis Businesses – State of Delaware News
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In unanimous ruling, Court sides with Jennings on voting rights
Date Posted: June 28, 2024
Governor Carney’s Statement on House Bill 282
Date Posted: June 27, 2024
AG Jennings’ statement on Supreme Court ruling in Harrington v. Purdue Pharma
Date Posted: June 27, 2024
Delaware Rare Disease Advisory Council Hosts First Meeting
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AG Jennings announces leadership changes at DOJ
Date Posted: June 27, 2024
Fireworks in Delaware
Date Posted: June 26, 2024
DNREC Reminds Drive-On Surf Anglers Reservations are Required for Fourth of July Holiday
Date Posted: June 26, 2024
Black Bear in Newark Area Struck and Killed by Vehicle
Date Posted: June 26, 2024
DPH Cautions Public to Watch for Rabid Animals During Active Season
Date Posted: June 26, 2024
Former “Smackdown” defendant sentenced to 12 years for fentanyl charges
Date Posted: June 26, 2024
Safe Harbor for Financial Institutions Serving Legal Cannabis Businesses
Date Posted: June 26, 2024
Governor Carney’s Statement on Veto of House Bill 282
Date Posted: June 25, 2024
Deadline for Young Environmentalist Awards Nominations Extended to July 5
Date Posted: June 24, 2024
DNREC Invites Youngsters to Enjoy ‘Small Fry Adventures’ at Aquatic Resources Education Center
Date Posted: June 24, 2024
Two Men Arrested After Assaulting a Child and His Mother
Date Posted: June 23, 2024
With Delaware Under Severe Heat Watch for the Weekend, DPH Offers Tips to Vulnerable Populations at Risk
Date Posted: June 21, 2024
Governor Carney’s Statement on the Passage of the FY25 Budget and One-Time Supplemental
Date Posted: June 20, 2024
Delaware Tourism Office Announces Sports Tourism Capital Investment Fund Awardees
Date Posted: June 20, 2024
Governor Carney’s Statement on Senate Confirmations
Date Posted: June 20, 2024
DPH Partners with Delta Sigma Theta Sorority to Provide Free Health Screenings, Cancer Prevention Education to Kent Co.
Date Posted: June 20, 2024
DOJ secures conviction in violent gun case
Date Posted: June 20, 2024
Electronic Speed Safety Program to begin in I-95/Route 896 Construction Zone
Date Posted: June 18, 2024
The Office of the Marijuana Commissioner launched the Social Equity Eligibility Validation Application and DIA Map
Date Posted: June 18, 2024
Emergency Sirens Test on July 2
Date Posted: June 18, 2024
DPH Notifies of Rise in Pertussis (Whooping Cough) Cases in New Castle County
Date Posted: June 14, 2024
Jennings can fight for Nemours funding, appeals court rules
Date Posted: June 14, 2024
Governor Carney Signs House Bill 350
Date Posted: June 13, 2024
DNREC Revises Recreational Striped Bass Summer Slot Season Limit for Compliance With ASMFC Plan
Date Posted: June 13, 2024
Summer Safety
Date Posted: June 12, 2024
DNREC to Treat Two Downstate Public Ponds During June for Invasive Aquatic Weed Hydrilla
Date Posted: June 12, 2024
End of Cape Henlopen Fishing Pier to Remain Closed for Structural Repairs
Date Posted: June 12, 2024
Attorney General Kathy Jennings Reaches $700 Million Settlement Against Johnson and Johnson
Date Posted: June 11, 2024
Information Meetings To Highlight Energy Efficiency Programs
Date Posted: June 11, 2024
DNREC and Kent Conservation District Announce Fall Cover Crop Cost Share Sign-Up Period Through Aug. 30
Date Posted: June 10, 2024
Delaware Announces Option for Dolly Parton’s Imagination Library Bilingual Book Collection
Date Posted: June 10, 2024
Winners Announced in DNREC’s Haiku Poetry Contest
Date Posted: June 8, 2024
DelDOT, Georgetown Celebrate Completion of Park Avenue Phase 1 Project
Date Posted: June 7, 2024
Delaware 250 Grants for Museums, Heritage Groups, and Non-Profits – Summer 2024 Cycle
Date Posted: June 7, 2024
The Mezzanine Gallery to exhibit Don James’ “Beyond the Facade: Architectural Portraits”
Date Posted: June 7, 2024
DPH’s PANO Program Hosts Second Annual Advancing Healthy Lifestyles Conference
Date Posted: June 6, 2024
Dagsboro Angler Wins Annual Youth Fishing Tournament Second Year in a Row
Date Posted: June 6, 2024
Middle and High School Students Honored in Digital Mapping Technology Contest
Date Posted: June 6, 2024
Governor Carney Orders Lowering of Flags
Date Posted: June 6, 2024
DNREC to Offer June 13 Lecture on Living Shorelines for Home and Property Owners
Date Posted: June 4, 2024
Governor Carney Announces Judicial Nominations
Date Posted: June 3, 2024
Delaware First to Focus on Healthier Start for New Moms with 12 Weeks of Free Diapers, Home-Delivered Meals
Date Posted: June 3, 2024
Gov. Carney, DSHA and Habitat for Humanity of New Castle County Join Forces to Promote Homeownership Month
Date Posted: June 3, 2024
Program to Help Foster Youth Pursue Higher Education Returns
Date Posted: June 3, 2024
Delaware Day of Action with REFORM Alliance Highlights Reentry Supports, System Change
Date Posted: May 31, 2024
Defendant faces lengthy prison sentence after child pornography convictions
Date Posted: May 31, 2024
Delaware 250 Announces Spring 2024 Grant Recipients
Date Posted: May 31, 2024
Fentanyl dealer sentenced to 18 years
Date Posted: May 30, 2024
Hall-Long, Community Leaders Celebrate 2024 Lt. Governor’s Challenge Honorees
Date Posted: May 30, 2024
Governor Carney Orders Lowering of Flags
Date Posted: May 30, 2024
Cold case cracked as prosecutors secure murder plea
Date Posted: May 28, 2024
Monetary Awards Program for Black Students Celebrates First Award Recipients
Date Posted: May 24, 2024
2024 Memorial Day Events
Date Posted: May 24, 2024
Explore Delaware Agriculture with a Delaware Grown Road Trip
Date Posted: May 24, 2024
Governor Carney Orders Lowering of Flags
Date Posted: May 24, 2024
Panel Discussion Marked 70 Years Since Brown v. Board of Education: Delaware’s Role in Desegregating Public Schools
Date Posted: May 24, 2024
Cape Henlopen Reclaims Girls Lacrosse State Championship
Date Posted: May 24, 2024
Delawareans Gear Up to Celebrate 529 Day
Date Posted: May 24, 2024
Hurricane Awareness Week: Prepare Now for Active Season
Date Posted: May 24, 2024
EDGE Competition Reaches Milestone – 100 Small Businesses Awarded Grants Since 2019
Date Posted: May 23, 2024
2024 Lt. Governor’s Challenge Winners Announced
Date Posted: May 23, 2024
DNREC to Host Public Information Session in Lewes June 5 for Proposed Offshore Wind Project
Date Posted: May 22, 2024
Governor Carney’s Statement on Passage of House Bill 350
Date Posted: May 21, 2024
Milford School Counselor Delaware 2024 Behavioral Health Professional of the Year
Date Posted: May 20, 2024
Click It or Ticket Campaign, Buckle Up Every Trip, Every Time & Reminder of Updates to Delaware Car Seat Law
Date Posted: May 20, 2024
Lt. Gov. Hall-Long Statement: Senate Bill 2(S) Gun Safety Legislation Signed into Law
Date Posted: May 16, 2024
Governor Carney Signs Senate Substitute 1 for Senate Bill 2
Date Posted: May 16, 2024
Public Encouraged to Avoid the Urge to ‘Rescue’ Young Wildlife
Date Posted: May 16, 2024
Governor Carney’s Statement on Senate Confirmation
Date Posted: May 15, 2024
DIAA Announces Scholar Athlete Awards
Date Posted: May 15, 2024
DNREC-Sponsored Poetry Contest Seeks Entries Focused on ‘What I Love About the Ocean’
Date Posted: May 15, 2024
Flags Ordered to Half Staff for Peace Officers Memorial Day
Date Posted: May 15, 2024
DNREC Announces Fees, Passes for Use of Deauville Beach
Date Posted: May 14, 2024
Office of Women’s Advancement & Advocacy and Delaware Women’s Commission Announce 2024 She’s on Her Way Awardees
Date Posted: May 14, 2024
School Behavioral Health Professionals to be Honored
Date Posted: May 14, 2024
Suspect charged with hate crime following UD vandalism
Date Posted: May 13, 2024
DPH Recognizes May as Lyme Disease Awareness Month
Date Posted: May 10, 2024
AG Jennings announces $10.25 million settlement with multiple major wireless carriers over deceptive advertising
Date Posted: May 9, 2024
Dept. of Labor Announces New Apprenticeship Pathway to College Credit for Delaware’s Vocational Workforce
Date Posted: May 9, 2024
Delaware Teachers Deserve Continuous Appreciation
Date Posted: May 8, 2024
Delaware to Join Public-Private Partnership to Build New Port
Date Posted: May 8, 2024
Jason Schaffer promoted to Deputy Warden at James T. Vaughn Correctional Center
Date Posted: May 7, 2024
DHSS Releases Fourth Annual Health Care Benchmark Trend Report
Date Posted: May 7, 2024
Departments of Labor & Education Team with Jobs for the Future to Celebrate National Youth Apprenticeship Week
Date Posted: May 7, 2024
Navarro Announces Completion of First Pharmacy Benefit Manager Exams
Date Posted: May 7, 2024
AG Jennings Secures Over $270 Million Settlement in Principle with Amneal Pharmaceuticals for Role in Opioid Crisis
Date Posted: May 6, 2024
May is Motorcycle Awareness Month
Date Posted: May 6, 2024
Delawareans Can Buy Discounted Compost Bins Online Through State-Initiated Program
Date Posted: May 6, 2024
Governor Carney Commends State of Delaware Employees in Celebration of Public Service Recognition Week, May 5-11
Date Posted: May 6, 2024
Brutal jewelry store robbery and assault results in conviction on all charges
Date Posted: May 6, 2024
Office of Marijuana Commissioner Opens Social Equity Workshop Registration
Date Posted: May 3, 2024
DNREC, City of Wilmington Unveil Revamped 7th Street Boating and Fishing Access Area
Date Posted: May 3, 2024
The Mezzanine Gallery to exhibit “15,000 Dowels” by Gregg Silvis
Date Posted: May 3, 2024
Governor Carney Announces Compassionate Champion Award Winners to Kick off Trauma Awareness Month
Date Posted: May 2, 2024
The Office of the Marijuana Commissioner Has Published the Official Proposed Regulations.
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Nominate a Young Environmentalist for DNREC Awards
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As Delaware readies for the upcoming launch of the state’s legal adult-use cannabis industry, state lawmakers approved legislation, proposed by State Treasurer Colleen Davis, providing protections for banks and other financial institutions that serve licensed marijuana businesses.
Although marijuana remains illegal at the federal level, Delaware has joined many other states in legalizing it for medical or recreational use. Treasurer Davis believes that legislation protecting banks serving legal marijuana businesses can help bridge the gap between state legalization and federal banking laws.
House Bill 355, sponsored by Rep. Ed Osienski and Sen. Trey Paradee, clarifies that providing financial services to legal cannabis businesses is lawful under Delaware state law. Passage of the bill removes a major barrier for the cannabis industry, which has struggled to access traditional banking services due to the continued federal classification of marijuana as a Schedule I drug.
“This legislation is a critical step forward for Delaware’s cannabis industry,” said State Treasurer Colleen Davis. “By ensuring safe access to banking services, we are empowering legitimate businesses to operate transparently and securely.”
The passage of H.B. 355 marks a pivotal moment for Delaware’s legal marijuana industry and the financial institutions that will support it. By providing clear legal protections and a solid regulatory framework, if signed the new law will protect the safety, security, and long-term viability of this sector of our economy.
“Across the country, we’ve witnessed dispensaries and banks alike struggling with legal uncertainty surrounding financial and accounting services for cannabis businesses. This uncertainty not only undermines the operations of state-compliant dispensaries but also hinders their access to basic business functions such as access to banking, acquiring loans, or paying taxes,” said Rep. Ed Osienski. “We want Delaware’s safe and regulated industry to out-compete the illegal market. By providing dispensaries with a secure avenue to banking and compliance services, we empower them to contribute positively to our economy, keep costs down for the industry and customers, employ local talent, and fulfill their tax obligations.”
“At the end of the day, cannabis retailers in Delaware are small businesses. They will be in our communities. They will hire Delawareans. They will pay their taxes. They will contribute to the economic development of this State,” said Sen. Trey Paradee. “But with an over-reliance on cash-transactions, retailors are at a disadvantage in terms of their banking, compliance, and safety needs. With the passage of this legislation, the State can ensure that these types of businesses have a clear path towards access to those critical services.”
“This legislation creates a safer environment for legally operating businesses within the state’s marijuana industry,” said Rob Coupe, Commissioner, Delaware Office of the Marijuana Commissioner. “The legislation not only provides legal protections for financial institutions and service providers working with licensed marijuana businesses, but also strengthens regulatory oversight and facilitates compliance with tax regulations.”
The bill aims to increase the willingness of banks and other financial institutions to serve legal cannabis businesses by providing legal clarity and certainty, promoting compliance and transparency in the cannabis industry, and reducing the risk of enforcement against banks involved in the industry. It will also reduce reliance on cash transactions among marijuana businesses and decrease the risk of robbery and theft. These safeguards will benefit businesses providing financial related services and the retailers, and should incentivize customers to patronize legal, licensed retailers instead of black-market sellers.
The bill now awaits Governor Carney’s approval.
Related Topics: Cannabis, Marijuana, Office of the Delaware State Treasurer, Safe Banking, State treasurer Colleen Davis
Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.
Here you can subscribe to future news updates.
As Delaware readies for the upcoming launch of the state’s legal adult-use cannabis industry, state lawmakers approved legislation, proposed by State Treasurer Colleen Davis, providing protections for banks and other financial institutions that serve licensed marijuana businesses.
Although marijuana remains illegal at the federal level, Delaware has joined many other states in legalizing it for medical or recreational use. Treasurer Davis believes that legislation protecting banks serving legal marijuana businesses can help bridge the gap between state legalization and federal banking laws.
House Bill 355, sponsored by Rep. Ed Osienski and Sen. Trey Paradee, clarifies that providing financial services to legal cannabis businesses is lawful under Delaware state law. Passage of the bill removes a major barrier for the cannabis industry, which has struggled to access traditional banking services due to the continued federal classification of marijuana as a Schedule I drug.
“This legislation is a critical step forward for Delaware’s cannabis industry,” said State Treasurer Colleen Davis. “By ensuring safe access to banking services, we are empowering legitimate businesses to operate transparently and securely.”
The passage of H.B. 355 marks a pivotal moment for Delaware’s legal marijuana industry and the financial institutions that will support it. By providing clear legal protections and a solid regulatory framework, if signed the new law will protect the safety, security, and long-term viability of this sector of our economy.
“Across the country, we’ve witnessed dispensaries and banks alike struggling with legal uncertainty surrounding financial and accounting services for cannabis businesses. This uncertainty not only undermines the operations of state-compliant dispensaries but also hinders their access to basic business functions such as access to banking, acquiring loans, or paying taxes,” said Rep. Ed Osienski. “We want Delaware’s safe and regulated industry to out-compete the illegal market. By providing dispensaries with a secure avenue to banking and compliance services, we empower them to contribute positively to our economy, keep costs down for the industry and customers, employ local talent, and fulfill their tax obligations.”
“At the end of the day, cannabis retailers in Delaware are small businesses. They will be in our communities. They will hire Delawareans. They will pay their taxes. They will contribute to the economic development of this State,” said Sen. Trey Paradee. “But with an over-reliance on cash-transactions, retailors are at a disadvantage in terms of their banking, compliance, and safety needs. With the passage of this legislation, the State can ensure that these types of businesses have a clear path towards access to those critical services.”
“This legislation creates a safer environment for legally operating businesses within the state’s marijuana industry,” said Rob Coupe, Commissioner, Delaware Office of the Marijuana Commissioner. “The legislation not only provides legal protections for financial institutions and service providers working with licensed marijuana businesses, but also strengthens regulatory oversight and facilitates compliance with tax regulations.”
The bill aims to increase the willingness of banks and other financial institutions to serve legal cannabis businesses by providing legal clarity and certainty, promoting compliance and transparency in the cannabis industry, and reducing the risk of enforcement against banks involved in the industry. It will also reduce reliance on cash transactions among marijuana businesses and decrease the risk of robbery and theft. These safeguards will benefit businesses providing financial related services and the retailers, and should incentivize customers to patronize legal, licensed retailers instead of black-market sellers.
The bill now awaits Governor Carney’s approval.
Related Topics: Cannabis, Marijuana, Office of the Delaware State Treasurer, Safe Banking, State treasurer Colleen Davis
Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.
Here you can subscribe to future news updates.