US LAWMAKERS WEIGH BILL TO PROTECT INSURERS SERVING CANNABIS BUSINESSES

The financial services committee of the US House of Representatives has advanced a measure that would protect insurers and banks from criminal prosecution for serving legal cannabis businesses. The Secure and Fair Enforcement Banking Act initially addressed protections for banks but a provision was added to extend the safe harbour to insurers. While 47 states and Washington have legalised cannabis for recreational or medical use, the federal government still classifies marijuana as a controlled substance.