Law enforcement officers in blue states and those from red urge the leaders of the U.S. House to introduce legislation that will provide a “safe harbor” for financial institutions who want to do business with the marijuana industry.
A bipartisan group consisting of 28 state attorneys general, Washington, D.C., and 3 U.S. Territories sent a letter on August 24 to express their support for Secure and Fair Enforcement Regulation Banking Act (SAFER).
The letter was sent to Senate Majority leader John Thune of South Dakota, House Speaker Mike Johnson R. La. and their respective minority leaders, along with the chair and ranking members on the Senate Banking Committee as well as House Financial Services Committee.
The attorneys general stated that they were a group of attorneys general from both states and territories who share a common interest to protect the economic and physical well-being for their constituents, while also promoting economic growth in each state. The attorneys general wrote: “We urge Congress, therefore, to move forward with this legislation. It will provide state-regulated marijuana businesses access to financial services and regulated banking in those jurisdictions where these businesses have been legalized.”
This letter was drafted by District of Columbia Attorney-General Brian Schwalb. Georgia Attorney-General Christopher M. Carr. Maryland Attorney-General Anthony G. Brown.
Signers also came from: Arizona, California, Colorado, Delaware, Hawaii, Illinois, Maine, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Utah, Vermont, Washington, West Virginia, American Samoa, Northern Mariana Islands, and U.S. Virgin Islands.
It is becoming increasingly important to transfer cannabis commerce from the unregulated financial system into a regulated one,” wrote the signers of the letter, noting that the vast number of U.S. States and Territories allow for medical marijuana and approximately half the country allows adult use cannabis.
About 80% of the cannabis industry in America is regulated. 425,000 jobs In 2024,” wrote the authors. These businesses are expected to have an increasing economic impact. Experts in the industry project that annual U.S. sales of cannabis regulated could total $ 34 billion By the end of 2020.”
Absent of federal legislation, there is a conflict between state-sanctioned cannabis programs and federal banking laws that make the cannabis industry too risky for many banks—especially big banks—to serve. Depository institutions are prohibited from dealing with money coming directly from illegal activities such as marijuana sales, according to federal anti-money launderage laws.
According to a report by the Congressional Research Service, published in January 2025, while most banks are chartered at state level, each federally insured institution has a federal primary regulator.
According to the report, “Banks are expected to refrain from banking with customers who violate federal laws.” One example would be cannabis business. Cannabis is allowed in some states but not at federal level. So, for example, a banking institution chartered in an area where cannabis is legal could provide services to businesses operating under state law. However, it may violate federal laws. Banks may decide not to do business with industries which are only legal at the state-level due to possible legal exposure.
U.S. lawmakers attempted to provide a legislative fix last Congress, when the Democratic-controlled Senate Banking Committee under former Sen. Sherrod Brown, D-Ohio, The following is a list of the most recent and relevant articles. In September 2023, the SAFER Banking Act passed with a margin of 14-9. Former Majority Leader Chuck Schumer D-N.Y. failed to put the SAFER Banking Act to a vote in 15 months despite You can also find out more about the following: It is not possible to pass the bill despite at least 59 U.S. Senators likely supporting it.
The Position of all 100 US Senators on the SAFER Banking Act
Were it not for the Republican-controlled chambers of Congress, there would have been no SAFER Banking Act this Congress. Tim Scott, R.S.C., who is opposed to cannabis banking reforms, chairs the Senate Banking Committee. Thune, the majority leader in South Carolina’s Senate, is against this reform.
When the U.S. House approved the SAFE Banking Act Seven Times The legislation was not passed by a Republican majority between 2023 and 2023, but it did pass under Democratic leadership from 2019 to 2022. Current House Speaker Johnson voted The following are some examples of the use of SAFE Banking Act 2021
Nevertheless, Donald Trump He showed his support The campaign for marijuana banking reform will begin in September of 2024.
The attorneys general have written to legislators that as the cannabis industry grows, there is a risk to public safety.
They said that employees and customers were more at risk for violent crimes when they only had the option to pay in cash. Writer. The public’s safety is at stake, and it is essential that legal businesses have access to banking services regulated by the federal government.
The Attorneys General said the SAFER Banking Act would allow state governments to collect revenue and oversee finances in an efficient manner.
They wrote: “An effective Safe Harbor would bring billions into the banking industry, enabling the federal, state, and local tax authorities, as well as cannabis regulators and states in all territories, to monitor cannabis transactions and businesses more effectively.” The regulated tracking system of bank funds would make it easier and simpler to comply with the tax laws, leading to higher revenue.
SAFER Banking Act, as they put it, would be in line with state sovereignty. It is not clear how to get there. encourage legalization.
Law enforcement officers in blue states and those from red urge the leaders of the U.S. House to introduce legislation that will provide a “safe harbor” for financial institutions who want to do business with the marijuana industry.
A bipartisan group consisting of 28 state attorneys general, Washington, D.C., and 3 U.S. Territories sent a letter on August 24 to express their support for Secure and Fair Enforcement Regulation Banking Act (SAFER).
The letter was sent to Senate Majority leader John Thune of South Dakota, House Speaker Mike Johnson R. La. and their respective minority leaders, along with the chair and ranking members on the Senate Banking Committee as well as House Financial Services Committee.
The attorneys general stated that they were a group of attorneys general from both states and territories who share a common interest to protect the economic and physical well-being for their constituents, while also promoting economic growth in each state. The attorneys general wrote: “We urge Congress, therefore, to move forward with this legislation. It will provide state-regulated marijuana businesses access to financial services and regulated banking in those jurisdictions where these businesses have been legalized.”
The District of Columbia Attorney-General Brian Schwalb was the main author of the letter, along with Georgia Attorney-General Christopher M. Carr and Maryland Attorney-General Anthony G. Brown.
Signers also came from: Arizona, California, Colorado, Delaware, Hawaii, Illinois, Maine, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Utah, Vermont, Washington, West Virginia, American Samoa, Northern Mariana Islands, and U.S. Virgin Islands.
The letter’s signers said that it was “increasingly important” to bring cannabis commerce under the control of the banking system. They noted that a majority of U.S. states and territories permit medical marijuana, and about half allow adult use.
About 80% of the cannabis industry in America is regulated. 425,000 jobs In 2024,” wrote the authors. These businesses are expected to have an increasing economic impact. Experts in the industry project that annual U.S. sales of cannabis regulated could total $ 34 billion “By the end 2025.
Absent of federal legislation, there is a conflict between state-sanctioned cannabis programs and federal banking laws that make the cannabis industry too risky for many banks—especially big banks—to serve. Depository institutions are prohibited from dealing with money derived directly from criminal acts, including cannabis sales, under federal anti-money launderage laws.
In a 2025 Congressional Research Service report, all federally-insured banks have a primary federal regulatory authority.
According to the report, “generally these regulators expect that banks avoid doing business with clients who violate federal laws.” One example would be cannabis business. Cannabis is allowed in some states but not at federal level. So, for example, a banking institution chartered in an area where cannabis is legal could provide services to businesses operating under state law. However, it may violate federal laws. Banks may decide not to do business with industries which are only legal at the state-level due to possible legal exposure.
U.S. lawmakers attempted to provide a legislative fix last Congress, when the Democratic-controlled Senate Banking Committee under former Sen. Sherrod Brown, D-Ohio, The following is a list of the most recent and relevant articles. The SAFER Banking Act was passed by a vote of 14-9 in September 2023. Former Majority Leader Chuck Schumer of New York, however, did not call for a floor voting on the SAFER Banking Act until 15 months after it was introduced. You can also find out more about the following: It is not possible to pass the bill despite at least 59 U.S. Senators likely supporting it.
The Position of all 100 US Senators on the SAFER Banking Act
Neither chamber, now under Republican control has brought forward the SAFER Banking Act this Congress. Tim Scott, R.S.C., who is opposed to cannabis banking, chairs the Senate Banking Committee. Thune, the majority leader in South Carolina’s Senate, is against this reform.
When the U.S. House approved the SAFE Banking Act Seven Times The legislation was not passed by a Republican majority between 2023 and 2023, but it did pass under Democratic leadership from 2019 to 2022. Current House Speaker Johnson voted The following are some examples of the use of SAFE Banking Act 2021
However, Donald Trump He showed his support The campaign for marijuana banking reform will begin in September of 2024.
The attorneys general have written to legislators that as the cannabis industry grows, there is a risk to public safety.
They said that employees and customers were more at risk for violent crimes when they only had the option to pay in cash. Writer. It is important to ensure public safety that businesses are able to access regulated services in their states.
Attorneys General said the SAFER Banking Act would allow state governments to collect revenue and oversee finances in an efficient manner.
They wrote: “An effective Safe Harbor would bring billions into the banking industry, enabling the federal, state, and local tax authorities, as well as cannabis regulators and states in all territories, to monitor cannabis transactions and businesses more effectively.” With the tracking of money in the banking sector, compliance with tax laws will be easier. This leads to increased tax revenue.
SAFER Banking Act, as they put it, would be in line with state sovereignty. It is not clear how to get there. encourage legalization.
Cannabis Law Resources for Poland
Discover essential legal information about the cultivation of cannabis, its sale, and regulations governing medical products in Poland. These guides will help you understand the legal requirements, such as certifications and permissions.
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Polish News Registration and Interests of Cannabis Businesses
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Permissions for Cannabis Sales in Poland
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Authorization for Importing or Manufacturing Medical Products
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Permission for Manufacturing or Importing Medical Products
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Certificate of Good Manufacturing Practices (GMP)
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Registration of Medical Products in Poland