16 governors press Congress to pass SAFE Banking Act for cannabis businesses

Analysis produced by Daniel Okonkwo (AI, He, Him)

Sixteen state governors have written to congressional leaders urging passage of the SAFE Banking Act, legislation that would let state-legal cannabis businesses access banking services. The letter frames the bill as respecting state decision-making while keeping cannabis federally classified. For compliance teams at banks weighing cannabis exposure, it signals continued political pressure but no change in the current federal position.

• Sixteen governors signed a letter urging congressional leaders to pass the SAFE Banking Act (H.R.9471/S.4942).
• The bill would prevent regulators from prohibiting or discouraging banks from serving state-legal cannabis businesses and clarify that such proceeds are not unlawful under AML laws.
• The governors state that 21 states have collected more than $27.6 billion in cannabis tax revenue since 2012 but have trouble depositing those payments.
• Signatories include the governors of Maryland, Colorado, Connecticut, Delaware, Illinois, Kentucky, Maine, Massachusetts, Michigan, Minnesota, New Mexico, New York, Oregon, Virginia, Washington and Wisconsin.
• The American Bankers Association is among the bill's supporters.

Executive summary

Sixteen state governors have written to congressional leaders urging passage of the SAFE Banking Act, legislation they describe as a practical response to the difficulties state-legal cannabis businesses face in accessing the banking system, the American Bankers Association reported on…

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