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.”
“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,” he said.
Paradee, for his part, said that “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.”
According to the bill’s synopsis, it “aims to facilitate the operation of cannabis-related businesses by helping to ensure that such businesses have access to necessary financial and accounting services.”
This represents the latest example of a state proactively seeking to provide marijuana banking protections as federal reform continues to stall. While Senate Democratic leadership has repeatedly described the Secure and Fair Enforcement Regulation (SAFER) Banking Act as a priority, its prospects remain uncertain, especially with time dwindling in the session.
Meanwhile, Delaware officials said earlier this month that they received more than 1,200 applications for marijuana business licenses ahead of a lottery for retailers—which was “substantially” more than they anticipated after opening up the application window in August.
A total of 125 licenses will ultimately be issued, including 30 retailers, 60 cultivators, 30 manufacturers and five testing labs.
Delaware Marijuana Commissioner Robert Coupe has said that the current timeline puts the launch of the market at March 2025. In the meantime, regulators have been rolling out a series of proposed regulations to stand up the forthcoming adult-use cannabis industry.
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The governor also recently signed several additional marijuana bills into law, including measures that would allow existing medical cannabis businesses in the state to begin recreational sales on an expedited basis, transfer regulatory authority for the medical program and make technical changes to marijuana statutes.
The dual licensing legislation is meant to allow recreational sales to begin months earlier than planned, though critics say the legislation would give an unfair market advantage to larger, more dominant businesses already operating in multiple states.
Delaware’s medical marijuana program is also being significantly expanded under a new law that officially took effect in July.
The policy change removes limitations for patient eligibility based on a specific set of qualifying health conditions. Instead, doctors will be able to issue cannabis recommendations for any condition they see fit.
The new law also allows patients over the age of 65 to self-certify for medical cannabis access without the need for a doctor’s recommendation.
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) Read More