A Pennsylvania House committee on Wednesday approved a Senate-passed bill to protect banks and insurers that work with medical marijuana businesses against being penalized by state regulators.
The House Commerce Committee advanced the legislation from Sens. John DiSanto (R) and Sharif Street (D), with two amendments, in a 22-1 vote. This action comes about two months after the full Senate passed the measure.
Chairman Brad Roae (R) filed both amendments. One clarifies that banking protections only apply to state-legal medical cannabis businesses and not to any broader recreational marijuana businesses that may become legal in the state in the future. The other, more technical change, removes a specific mention of the federal Securities and Exchange Commission (SEC) and replaces that with a broader reference to a “federal financial regulatory agency.”
While one member described the first amendment “redundant,” it was still adopted, as was the other revision. Because the bill has now been changed from its Senate-passed form, it will have to return to that chamber for concurrence if it passes on the House floor.
Minority Chairman John Galloway (D) hinted at additional amendments that could come before the full House, saying that there are “certain things the district attorneys
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