WASHINGTON— Attorneys general from across the political spectrum are urging congressional leaders in the U.S. House and Senate to advance legislation that would create a safe harbor for financial institutions serving the cannabis industry.
In a recent letter, the bipartisan coalition—representing 28 states, Washington, D.C., and three U.S. territories—expressed strong support for the Secure and Fair Enforcement Regulation (SAFER) Banking Act, the Cannabis Business Times reported.
The letter was delivered to Senate Majority Leader John Thune (R-SD), House Speaker Mike Johnson (R-LA), their minority leader counterparts, as well as the chairs and ranking members of the Senate Banking Committee and House Financial Services Committee, Cannabis Business Times said.
“We are a bipartisan group of state and territorial attorneys general who, like you, have a strong interest in protecting the physical and economic well-being of our constituents while enabling economic growth and stability in our respective states,” the attorneys general wrote. “We therefore urge Congress to advance this legislation, which will increase access to regulated banking and financial services for state-regulated cannabis businesses in jurisdictions that have legalized these businesses.”
The letter was spearheaded by the District of Columbia Attorney General Brian Schwalb, Georgia Attorney General Christopher M. Carr, Maryland Attorney General Anthony G. Brown and Ohio Attorney General Dave Yost, Cannabis Business Times reported.
It also included signers from the following states and territories: Arizona, California, Colorado, Connecticut, 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 increasingly critical to move cannabis commerce into the regulated banking system,” the letter signers wrote, pointing out that the vast majority of states and U.S. territories allow medical cannabis and roughly half the nation permits adult-use cannabis.”