A bipartisan coalition of attorneys general, including Arizona Attorney General Kris Mayes, is calling on Congress to pass the SAFER Banking Act of 2025. The legislation would provide legal clarity for financial institutions to serve state-regulated cannabis businesses.
Current federal banking restrictions create unnecessary public safety risks by forcing legitimate cannabis businesses to operate primarily in cash. Mayes described the SAFER Banking Act as a practical solution that would protect workers and communities while ensuring effective tax collection and industry oversight.
The economic impact of state-regulated cannabis industries is significant. U.S. legal cannabis retail sales reached $30.1 billion in 2024, a 4.5% increase year-over-year, supporting approximately 425,000 jobs nationwide, according to the letter. Industry experts project that combined U.S. annual sales could reach $34 billion by the end of 2025.
Currently, 39 states, three territories, and the District of Columbia permit medical cannabis use, while 24 states, two territories, and the District of Columbia have legalized adult-use cannabis. Nearly 75% of Americans now live in jurisdictions where cannabis has been legalized in some form.
The attorneys general note that 21 states currently collect cannabis tax revenues, but many state agencies have been turned away by financial institutions when attempting to deposit cannabis-related payments.
The coalition emphasizes that the SAFER Banking Act would not encourage cannabis legalization in states that have chosen not to permit it, nor would it change the federal legal status of cannabis. Instead, the legislation creates a targeted safe harbor allowing depository institutions to provide financial services to covered businesses in states with accountability regulations.
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