Pennsylvania Governor Signs Cannabis Banking Legislation Into Law

Pennsylvania Gov. Tom Wolf signed legislation into law this week to protect cannabis business’ access to financial services.

Wolf signed House Bill 331 July 11, allowing cannabis operators in the state to work with banks and lenders.

RELATED: Pennsylvania Senate Approves Cannabis Banking Legislation

The legislation adds a section on “legitimate cannabis-related business” under Pennsylvania’s commerce and trade statutes, which ultimately protects the companies’ access to financial services, according to the Pittsburgh City Paper.

The bill defines legitimate cannabis businesses as growers, manufacturers, suppliers, transporters and dispensaries, the news outlet reported. It also includes companies that operate in other states, as long as they comply with Pennsylvania law.

“All businesses that provide jobs and grow the state’s tax base require investment and protection as a basic necessity—but for years, Pennsylvania’s medical marijuana operators have been denied these basic rights,” said Pennsylvania Cannabis Coalition Executive Director Meredith Buettner in a public statement. “House Bill 331 ensures equity for legitimate cannabis businesses, but most importantly, it sends a signal to the federal government to pass a national ‘safe banking act’ that protects an industry that helps millions of patients and generates billions in tax dollars. I applaud state legislators and Gov. Wolf on this historic day as lawmakers increasingly listen to patient needs to grow and recognize this burgeoning industry."