Over 30 Attorneys General Urge Congress to Pass SAFER Banking Act to Establish Nationwide Cannabis Banking

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July 25, 2025

Led by Maryland Attorney General Anthony Brown, the bipartisan group submitted a letter to congressional leaders highlighting the urgent need to reform federal banking laws. They argue that current restrictions force marijuana businesses to operate almost entirely in cash, putting workers and customers at greater risk of violent crime while hindering oversight and tax collection.

“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,” the letter states. “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. This cash-based model endangers public safety and undermines the regulatory framework that states have worked hard to implement”.

According to the coalition, legal marijuana sales in the U.S. hit $30.1 billion in 2024, supporting roughly 425,000 jobs nationwide. Sales are projected to reach $34 billion by the end of this year. Despite this growth, cannabis-related businesses and even some state agencies have struggled to access banking services due to federal laws. The attorneys general note that numerous state agencies have been turned away by the very financial institutions they typically rely on, simply for attempting to deposit tax payments tied to marijuana licensing.

Currently, 39 states and several territories allow medical marijuana, and 24 states have legalized recreational use. Nearly three-quarters of Americans live in a jurisdiction where marijuana is legal in some form.

The attorneys general emphasize that the SAFER Banking Act wouldn’t legalize marijuana or require any state to change its laws. Instead, it would provide a narrow safe harbor for financial institutions to work with businesses in states that have enacted robust marijuana regulations. “The SAFER Banking Act simply addresses the specific public policy challenges facing states in light of the federal prohibition on banking cannabis-related funds,” the letter adds.

Supporters say the bill would strengthen transparency, simplify tax enforcement, and allow regulators to better monitor the flow of cannabis-related funds—improving public safety while respecting state sovereignty. “An effective safe harbor would bring billions of dollars into the banking sector, enabling law enforcement, federal, state, and local tax agencies, and cannabis regulators to more effectively monitor cannabis businesses and their transactions,” the attorneys general wrote.

Joining Attorney General Brown in filing the letter are the attorneys general of Ohio, Georgia, the District of Columbia, Alaska, American Samoa, Arizona, California, Colorado, Connecticut, Delaware, Hawai’i, Illinois, Maine, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, Northern Mariana Islands, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, U.S. Virgin Islands, Utah, Vermont, Washington, and West Virginia.