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Pennsylvania’s Cannabis Industry Lacks Financial Institution Access


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July 18, 2022

OSS CEO, Scott Solomon, spoke with The Center Square about the need for cannabis businesses to have financial institution access.

(The Center Square) – Two bills in Pennsylvania’s lawmaking chambers could help the fledgling cannabis industry.

House Bill 2558 and Senate Bill 1167 would grant safe harbor for financial and insurance businesses from regulatory or legal action if they work with cannabis businesses. For patients, businesses, and the neighborhoods in which they operate, the differences in state and federal treatment of marijuana has complicated the industry here.

For one, the banking sector isn’t much involved.

“These businesses also, because of limited banking options and absolute restrictions on the national and international level to use payment processors like Visa or Mastercard – they’re going to be heavily cash-dependent,” said Scott Solomon, the CEO of Operational Security Solutions.

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