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Attorneys general

Coalition of Attorneys General Urges Congress to Pass SAFER Banking Act

Strategic Insights

— 2 min read

A bipartisan coalition of attorneys general, co-led by Maryland's Attorney General Anthony G. Brown, has submitted a letter to congressional leaders urging the passage of the SAFER Banking Act of 2025. The legislation would provide legal clarity for banks and financial institutions to serve state-regulated cannabis businesses, addressing public safety concerns while improving tax collection and regulatory oversight. The coalition highlights the significant economic impact of state-regulated cannabis industries, with U.S. legal cannabis retail sales reaching $30.1 billion in 2024, supporting approximately 425,000 jobs nationwide.

Key Takeaways:

  • The SAFER Banking Act of 2025 aims to provide legal clarity for banks and financial institutions to serve state-regulated cannabis businesses, addressing public safety concerns while improving tax collection and regulatory oversight.
  • Current federal banking restrictions create unnecessary public safety risks by forcing legitimate cannabis businesses to operate primarily in cash, making employees and customers targets for violent crime.
  • The coalition emphasizes that 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, affecting nearly 75% of Americans.
  • The attorneys general highlight the economic impact of state-regulated cannabis industries, with U.S. legal cannabis retail sales projected to reach $34 billion by the end of 2025.
  • The SAFER Banking Act creates a targeted safe harbor allowing depository institutions to provide financial services to covered businesses in states that have implemented laws and regulations ensuring accountability in the cannabis industry.
  • Compliance with tax laws would be simpler and easier to enforce with regulated tracking of funds in the banking system, resulting in higher tax revenues.
  • The legislation respects both state sovereignty and the current federal status of cannabis, addressing specific public policy challenges facing states due to federal prohibition on banking cannabis-related funds.

Statistics:

  • U.S. legal cannabis retail sales reached $30.1 billion in 2024, a 4.5% increase year-over-year.
  • Approximately 425,000 jobs nationwide are supported by state-regulated cannabis industries.
  • Combined U.S. annual sales of regulated cannabis are projected to reach $34 billion by the end of 2025.
  • 21 states currently collect cannabis tax revenues.
  • Nearly 75% of Americans live in jurisdictions where cannabis has been legalized in some form.

Sources:

  • Maryland Attorney General Anthony G. Brown
  • Letter to congressional leaders (no date specified)
  • Sources listed in the original text:

+ BALTIMORE, MD -- The following information was released by the Maryland Attorney General: (no date specified)

+ Baltimore, MD (no date specified)

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