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Proposed US legislation that would allow cannabis businesses to access traditional banking and financial services.
The SAFE Banking Act (Secure and Fair Enforcement Regulation Banking Act) is proposed US federal legislation that would protect financial institutions from federal penalties for providing banking services to state-legal cannabis businesses. Without this protection, many banks and credit unions refuse to work with cannabis companies, forcing the industry to operate largely in cash.
Because cannabis is federally illegal, banks that serve cannabis businesses risk prosecution for money laundering and other financial crimes. While the Department of Justice has issued guidance allowing banks to work with cannabis companies under certain conditions, most major banks consider the regulatory risk too high. The result is that billions of dollars in legal cannabis revenue flows through the economy in cash, creating safety hazards (robbery risk), compliance nightmares, and inefficiencies that increase costs for businesses and consumers alike.
The SAFE Banking Act has passed the US House of Representatives multiple times with bipartisan support but has repeatedly stalled in the Senate, where some lawmakers want to tie banking reform to broader cannabis legalization. Advocates argue that banking access is a fundamental safety and fairness issue that should not be held hostage to larger policy debates. For cannabis businesses, passage of SAFE Banking would improve security, enable digital payments, reduce compliance costs, and normalize the industry's financial operations.
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