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Attorneys general

Colorado Attorney General Joins Bipartisan Coalition to Reform Cannabis Banking Laws

Strategic Insights

— 2 min read

Colorado Attorney General Phil Weiser joined a coalition of attorneys general to call on Congress to pass the SAFER Banking Act of 2025, a bill that would provide legal clarity for banks to serve state-regulated cannabis businesses. The coalition argues that current federal banking restrictions create public safety risks by forcing legitimate cannabis businesses to operate in cash, making employees and customers vulnerable to violent crime. The legislation would create a targeted safe harbor for banks to provide financial services to covered businesses, enabling law enforcement and tax agencies to more effectively monitor cannabis transactions.

Key Takeaways:

  • Attorney General Phil Weiser joined a bipartisan coalition of attorneys general in calling on Congress to pass the SAFER Banking Act of 2025.
  • The coalition's letter to congressional leaders emphasizes that current federal banking restrictions create unnecessary public safety risks by forcing legitimate cannabis businesses to operate primarily in cash.
  • The legislation would provide legal clarity for banks to serve state-regulated cannabis businesses, addressing specific public policy challenges states face due to federal prohibition on banking cannabis-related funds.
  • 75% of Americans now live in jurisdictions where cannabis has been legalized in some form, but many state agencies have been turned away by financial institutions when attempting to deposit cannabis-related payments.
  • U.S. legal cannabis retail sales totaled $30.1 billion in 2024, supporting approximately 425,000 jobs nationwide.
  • The coalition emphasizes that the SAFER Banking Act would not encourage cannabis legalization in states where it is still illegal, nor would the bill change the federal legal status of cannabis.
  • The legislation creates a targeted safe harbor allowing banks 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 attorneys general highlight the significant economic impact of state-regulated cannabis industries, including the support of approximately 425,000 jobs nationwide.

Statistics:

  • 75% of Americans now live in jurisdictions where cannabis has been legalized in some form (note: this statistic is based on the total number of jurisdictions, not individual states or regions).
  • U.S. legal cannabis retail sales totaled $30.1 billion in 2024.
  • The SAFER Banking Act would enable law enforcement, federal, state, and local tax agencies, and cannabis regulators to more effectively monitor cannabis businesses and transactions with regulated tracking of funds in the banking system.

Sources:

  • "Attorney General Phil Weiser Joins Bipartisan Coalition to Reform Cannabis Banking Laws." Office of the Colorado Attorney General.

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