As Delaware prepares to open its recreational marijuana market, lawmakers took a stetp to provide a sense of security for local banks interested in playing a role in the market. The House passed House Bill 355 by a shockingly unanimous vote of 38-0-3. Republicans are really inconsistent on marijuana. Why would you vote yes to this after voting no to expanding medical and recreational marijuana and decriminalizaiton?
The bill would provide state-level legal protections to banks, credit unions, armored car services and other businesses that provide financial or accounting services to Delaware’s legal marijuana industry. The bill clarifies that banks, credit unions, armored car services and accounting services would not be subject to prosecution under state law if they decide to work within the legal cannabis industry. It is an open question how helpful this law will be since state level banks are still subject to federal laws, and marijuana still remains illegal under federal law.
The Senate is expected to consider House Bill 355 later this year.
| HB 355 — LEGAL PROTECTIONS FOR BANKS PROVIDING SERVICES TO CANIBIS RELATED BUSINESSES | Currrent Status – House Passed 38-0-3. Senate Health & Social Services 3/28/24 |
| House Sponsors – Osienski, Bush, Heffernan, Dorsey Walker, Baumbach, Johnson, Morrison // Spiegelman | Senate Sponsors – Paradee, Hoffner, Gay, Hansen, McBride, Sturgeon |
| House Yes Votes – Baumbach Bolden Bush Chukwuocha Cooke Dorsey-Walker Griffith Harris Heffernan Johnson Lambert Longhurst Lynn Matthews Minor-Brown Moore Morrison Neal Osienski Phillips Romer Schwartzkopf Williams Wilson-Anton // Collins Dukes Gray Hensley Hilovsky Jones-Giltner, Morris Postles Ramone Shupe Smith Spiegelman Vanderwende Yearick | Senate Yes Votes – |
| House No Votes – None | Senate No Votes – |
| House Absents or Not Voting – Carson, Short, Parker Selby | Senate Absent or Not Voting – |
Republican Representative Jeff Spiegelman was the sole Republican sponsor of the bill, and he expressed disappointment that the federal government has yet to reclassify marijuana or pass legislation similar to this bill on a national scale. “It’s beyond ridiculous to this point that we have to create, essentially a state nullification law, for something the feds should have taken care of a long time ago,” Spiegelman said. Spiegelman has been consistent on marijuana, owing to some of his more libertarian leanings. And he is right here.
You just don’t fall in line with any logical thought patterns. If cannabis and it’s sale & production has been legalized by the State, why would the State seek to penalize any business or entity that had commerce with this industry? Hello McFly!! This is why the Republicans voted in this manner. But, let’s think a bit further if you can. The Banking Industry is controlled & regulated by what major entities? The Federal Reserve and the US Treasury. As cannabis is Federally still a “Schedule 1 Drug” for some idiotic reason, these agencies can come in and shut down these banks tomorrow and the State cannot do a damn thing about it. So, this legislation basically tells State Law Enforcement Agencies to have a “Hands-Off” policy with regard to cannabis industry business interests & ancillaries.