Governor of DE signs bill protecting banks that work in cannabis industry

The governor of Delaware has signed a bill to enact state-level protections for banks that provide services to licensed marijuana businesses.

As the state gears up for the launch of its adult-use cannabis market, Gov. John Carney (D) gave final approval to the banking legislation from Rep. Ed Osienski (D) and Sen. Trey Paradee (D) last week. This comes nearly four months after the measure cleared the legislature.

The measure is designed to clarify that banks, credit unions, armored car services and accounting services providers are not subject to state-level prosecution simply for working with cannabis businesses.

When the bill was being taken up in the Senate in June, Osienski said lawmakers "want Delaware's safe and regulated industry to out-compete the illegal market."