A bipartisan coalition of 32 state attorneys general yesterday called on federal lawmakers to pass legislation that would enable financial institutions to serve legitimate cannabis businesses in states where it is legal.
In a joint letter to congressional leaders, the AGs endorsed the Secure and Fair Enforcement Regulation (SAFER) Banking Act, which would allow cannabis businesses to access deposit accounts, insurance and other financial services. They noted that 39 states, three territories, and the District of Columbia now permit medical use of cannabis products, while more than two dozen states and territories regulate cannabis for nonmedical use. Legal cannabis retail sales reached $30.1 billion nationwide in 2024, a 4.5% increase year-over-year, they said.
“As more states continue to consider and implement legalization efforts, the lack of access to America’s financial system by cannabis businesses – which is a direct result of federal banking law – presents a considerable safety issue for the public,” the AGs said.
The current lack of regular banking by lawful cannabis businesses also inhibits the states’ ability to collect taxes and conduct meaningful oversight of those business revenues, they added. “The SAFER Banking Act would help ensure that state governments do not forfeit hundreds of millions of dollars in tax revenue that the cannabis industry generates.
Passage of the SAFER Banking Act is also a top policy priority for the American Bankers Association. In a post on X, ABA said it appreciated the leadership of the AGs on the issue.
“This commonsense, bipartisan legislation will enhance public safety and tax collection in states where cannabis is legal,” ABA said.
