Calls for Congress to Implement Cannabis Banking Reforms Grow

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There is a strong need within the cannabis industry for banking reform. Recently, 32 state and territorial attorneys general asked for Congress to “enact legislation facilitating state-licensed cannabis businesses’ access to banks and other financial institutions,” (1). The bipartisan group sent a letter to several leaders in Congress, as well as ranking members of both the House and Senate banking committees, calling on them to implement either the SAFER Banking Act or other legislation (1-3).

“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,” they write (1,2). “For example, when the public is only allowed to conduct business in cash, employees and customers are at greater risk of violent crime in pursuit of that cash. Allowing access to the nation’s regulated banking system is crucial to public safety and to ensuring that lawful businesses in our states have access to regulated banking services.”

Previously, other versions of the SAFER Banking Act have advanced in the House but has not been able to advance in the Senate to be offered on the floor for consideration. NORML, reported that (1), “Currently, fewer than ten percent of all financial institutions nationwide are provide services to state-licensed cannabis businesses. That’s because federal law discourages banks and other institutions from maintaining relationships with cannabis businesses because marijuana remains classified as a Schedule I controlled substance.”

Whitney Economics conducted a survey in 2022 (1,4) which found that more than 70% of participating cannabis businesses mentioned that the “lack of access to banking or investment capital” is their top challenge.”

“No industry can operate safely, transparently or effectively without access to banks or other financial institutions, and it is self-evident that the players in this industry (smaller and minority-owned businesses in particular), and those consumers that are served by it, will remain severely hampered without better access to credit and financing,” NORML said (1).

As of this legislative session, there has been no reintroduction of SAFER Banking legislation (1).

References

1. Norml. 32 AGS call on Congress to implement Cannabis Banking Reforms https://norml.org/blog/2025/08/27/30-attorneys-general-call-on-congress-to-implement-cannabis-banking-reforms/ (accessed Aug 27, 2025).
2. https://www.marylandattorneygeneral.gov/News%20Documents/072425_SAFER.pdf (accessed Aug 27, 2025).
3. Colli, M. Breaking ground: Senate Advances Safer Banking Act, fueling cannabis industry’s high hopes https://www.cannabissciencetech.com/view/breaking-ground-senate-advances-safer-banking-act-fueling-cannabis-industrys-high-hopes (accessed Aug 27, 2025).
4. Norml. Survey: Cannabis companies cite lack of banking access as the “Top issue” facing the industry https://norml.org/news/2022/02/03/survey-cannabis-companies-cite-lack-of-banking-access-as-the-top-issue-facing-the-industry/ (accessed Aug 27, 2025).