AGs Ask Congress for Joint Effort in Making Banking Services Accessible to Cannabis Industry

  • A bipartisan coalition of 22 AGs sent a letter asking Congressional leaders to advance the Secure and Fair Enforcement Regulation (SAFER) Banking Act of 2023 to increase access to regulated banking and financial services for state-licensed cannabis businesses.
  • In the letter, AGs urge passage of the SAFER Banking Act to eliminate barriers to entry into the cannabis industry and remove uncertainty for existing businesses, as well as to reduce violent crime related to cash-operated cannabis businesses and bolster state agencies’ efforts to collect taxes and conduct oversight of the industry.
  • We have previously reported on prior AG letters to Congress urging the passage of the SAFER Banking Act’s predecessor, the Secure and Fair Enforcement (SAFE) Banking Act.
  • To hear our deep dive into how this story showcases the power and influence of AGs and how it could reverberate through the debt servicing industry, listen to our podcast here.