Recently, U.S. attorneys general from 32 states and territories authored a bipartisan letter urging Congress to advance the SAFER Banking Act of 2025, which would increase access to regulated banking and financial services for state-regulated cannabis businesses. The letter noted that in 2024 legal cannabis retail sales in the U.S. reached $30.1 billion and highlighted that the lack of access to the financial system impacts public safety as well as states’ ability to collect taxes and oversee cannabis business revenue. The attorneys general encouraged Congress to provide a safe harbor for depository institutions offering financial products or services to cannabis businesses in states that regulate the industry to ensure accountability.
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