A group of 32 attorneys general from across the United States sent a strong message to Congress on August 24, 2025. They urged leaders to pass the SAFER Banking Act to help legal cannabis businesses access banking services without fear of federal penalties.
This bipartisan effort highlights growing support for reform in the cannabis industry. The letter went to key figures like Senate Majority Leader John Thune and House Speaker Mike Johnson, stressing the need for safer financial options in states where marijuana is legal.
What the SAFER Banking Act Means
The SAFER Banking Act aims to create a safe harbor for banks and credit unions. It would allow them to serve state-licensed cannabis businesses without facing federal prosecution.
This bill builds on earlier versions like the SAFE Banking Act. It addresses a major issue where cannabis firms operate mostly in cash due to federal laws that conflict with state rules.
Supporters say it would reduce crime risks tied to cash-heavy operations. Banks could offer loans, deposits, and other services, boosting economic growth in legal markets.
The act has seen updates over the years, with the latest push in 2025 reflecting changes in public views on marijuana.
Bipartisan Backing from States and Territories
The letter comes from a mix of red and blue states, showing wide agreement. Leaders from places like Georgia, Maryland, and Ohio led the charge.
This group includes attorneys general from 28 states, Washington, D.C., and three U.S. territories. Their shared goal is to protect communities and support business stability.
Here is a list of some key participants:
- Arizona
- California
- Colorado
- New York
- Pennsylvania
- Utah
This diverse coalition underscores how cannabis reform crosses party lines. Even in conservative areas like Oklahoma and South Dakota, top officials see the value in banking access.
Public safety is a big reason for their support. Cash-only businesses attract theft and violence, and regulated banking could change that.
Experts note this move aligns with trends where more states legalize marijuana for medical or recreational use.
Impact on the Cannabis Industry
If passed, the SAFER Banking Act could transform how cannabis companies work. Many now struggle with high fees from limited financial providers or rely on risky cash handling.
Industry leaders predict billions of dollars could enter the banking system. This would help small businesses expand and create jobs.
A recent study shows the U.S. cannabis market hit $30 billion in sales last year. With better banking, growth could accelerate in 2025 and beyond.
However, challenges remain. Federal law still lists marijuana as illegal, creating hurdles for full reform.
States with legal cannabis report fewer banking issues when federal barriers lift. This act could pave the way for broader changes, like rescheduling marijuana.
Timeline of Cannabis Banking Efforts
Efforts to reform cannabis banking have built over time. Lawmakers have introduced similar bills multiple times, gaining more support each round.
| Year | Key Event | Outcome |
|---|---|---|
| 2021 | SAFE Banking Act introduced with bipartisan sponsors | Passed House but stalled in Senate |
| 2023 | Senate committee advances updated bill | Gained over 40 cosponsors |
| 2024 | SAFER Act version pushes forward | Committee approval with strong votes |
| 2025 | 32 attorneys general send letter | Urges full passage amid growing state support |
This table shows steady progress. The 2025 letter marks a high point in advocacy from state leaders.
Past attempts faced blocks from opponents worried about federal overreach. Yet, with crime concerns rising, momentum is building.
Why This Matters Now
The push comes at a key moment. More Americans support marijuana reform, with polls showing over 70 percent favor legalization.
Economic benefits are clear. Legal cannabis supports thousands of jobs and generates tax revenue for states.
Without banking access, businesses face unfair limits. The attorneys general argue this harms public safety and fair competition.
Congress has a chance to act in upcoming sessions. If they pass the bill, it could set the stage for more reforms.
Challenges and Next Steps
Opposition lingers from those who see cannabis as a gateway to stricter drug issues. Some lawmakers want broader changes before banking fixes.
The bill needs votes in both chambers. Supporters hope for quick action before the year ends.
Advocates point to successful state programs as proof. Places like Colorado show banking reform cuts crime without increasing use.
State attorneys general plan to keep pressing. Their letter calls for urgent debate and votes.
This effort ties into larger talks on federal marijuana policy. Recent moves to reschedule cannabis add to the optimism.
What do you think about this push for cannabis banking reform? Share your views in the comments and spread the word to keep the conversation going.
