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Dover, DE: Democrat Gov. John Carney has signed legislation (HB 355) into law providing state-level legal protections for financial institutions and other entities that provide financial or accounting services to licensed cannabis-related businesses.
The law stipulates that “banks, credit unions, armored car services, and providers of accounting services are not subject to prosecution under Delaware law merely by providing lawful services to licensed businesses engaged in the production, distribution and sale of cannabis.”
Lawmakers passed legislation in 2023 regulating adult-use cannabis sales. However, regulators have yet to award licenses to cannabis business applicants.
The new law does not protect banks and other institutions from potential federal litigation. Federal law currently discourages financial institutions from partnering with state-licensed cannabis businesses because of their involvement with a Schedule I controlled substance.
Federal legislation seeking to amend the law currently has 36 co-sponsors in the US Senate and 130 co-sponsors in the House, but has yet to receive a floor vote in either chamber during the current session.
Additional information on the SAFER Banking Act is available from NORML’s Take Action Center.
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