A group of 32 attorneys general from states and U.S. territories is urging Congress to pass a banking bill that would allow licensed marijuana operators to use traditional financial services. The group sent a letter to congressional leaders, underscoring the urgent need to provide cannabis businesses access to banks and credit unions.
The letter, spearheaded by AGs from Ohio, Washington, DC, Maryland, and Georgia, urges lawmakers to prioritize the Secure and Fair Enforcement Regulation (SAFER) Banking Act this legislative session. According to the officials, the growing number of states legalizing marijuana highlights the need to bring cannabis-related financial activity into the formal banking system.
The AGs argue that keeping cannabis businesses locked out of banking pushes them into risky, cash-heavy operations. Without access to financial institutions, many of them are forced to handle large sums of cash, putting employees, customers, and communities at risk of theft and violent crime.
They also point out that the lack of banking access makes it harder for states to collect taxes and regulate the industry effectively. They note that the SAFER Banking Act could help states recover potentially hundreds of millions in lost tax revenue by allowing legal cannabis businesses to operate more transparently.
Although the letter refers to the 2025 version of the SAFER Banking Act, the bill has not yet been officially reintroduced in Congress. It remains to be seen whether any parts of the bill will change from its previous form, which failed to pass before the last session ended.
In the letter’s closing, the AGs describe the SAFER Banking Act as a reasonable, bipartisan step that would improve safety for the roughly 75% of Americans living in states where marijuana is legal. They clarify that the measure doesn’t push for legalization in states where marijuana remains illegal. Instead, it aims to solve practical issues that stem from the disconnect between federal banking rules and state cannabis laws.
The officials say the goal is to move the cash flowing through licensed cannabis businesses into secure, monitored banking systems, making the industry easier for both regulators and law enforcement to oversee.
The other AGs who signed the letter are from American Samoa, Alaska, Arizona, California, Connecticut, Hawai’i, Delaware, Illinois, Massachusetts, Maine, Michigan, Nevada, Minnesota, New Jersey, New York, New Mexico, Colorado, Northern Mariana Islands, Oregon, Oklahoma, Pennsylvania, South Dakota, Rhode Island, Utah, U.S. Virgin Islands, Vermont, West Virginia, and Washington.
Major cannabis industry players like TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) will be hoping that the pleas of the bipartisan AGs will be heeded and the needed legislation is passed so that some of the hurdles that industry actors face in accessing banking services are addressed.
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