Despite some progress for legal marijuana retailers across the country, they might have to wait a bit longer for proper banking access. Sen. Bernie Moreno (R-OH), one of the SAFER Banking Act’s sponsors, said he’s not prioritizing the bill as of now.
RELATED: Legalization Nation: breaking down SAFE banking
The SAFER Act is a piece of legislation that would “ensure that all businesses—including State-sanctioned cannabis businesses—have access to deposit accounts, insurance, and other financial services.” It would also prevent banks from being penalized for working with legal cannabis companies. As cannabis continues to be legalized in states around the country, the SAFER Act would allow legitimate vendors access to credible means of banking.
When asked by Marijuana Moment about his support of the bill, Moreno said he plans to push his support to the fall so he and the rest of the GOP-controlled Congress can focus on passing the “Big Beautiful Bill,” a budget reconciliation bundle. He reiterated his intent to take up the cannabis banking bill after doing so, “hopefully in the fall.”
Many cannabis business insiders have been frustrated by the seemingly constant procrastination around passing the SAFER Act, and many have become worried after Republicans have gained control of both the House and Senate. The bill was slated to be filed in both January and March of this year, but it still has not been.
RELATED: Weed needs more than rescheduling to bank on banking services
Despite Trump’s previous backing of the policies listed in the SAFER Act, he’s been silent on the issue since taking office, and Republican Congressmembers are following suit. In 2024, Senators Elizabeth Warren and Tommy Tuberville (D-MA and R-AL, respectively) claimed that the bill lacked sufficient Republican votes despite their stated support.. Recently, Sen. John Hickenlooper (D-CO) asserted a similar feeling, adding that if Trump really wants cannabis banking reform, he needs to “bring [them] some Republican senators.”
The CEO of JPMorgan Chase said recently that the company would most likely work with legal marijuana businesses if the SAFER Act were passed. With cannabis businesspeople and banking institutions on board, what is Congress waiting for?