CARSON CITY, Nev. — Nevada Attorney General Aaron D. Ford has joined a bipartisan coalition of attorneys general urging Congress to pass the SAFER Banking Act of 2025. The coalition submitted a letter to congressional leaders advocating for legislation that would provide legal clarity for banks and financial institutions to serve state-regulated cannabis businesses.
"Cannabis legalization has reached almost every corner of our country in some form," said Ford. "The lack of reliable, consistent banking services for cannabis-related businesses is not only a struggle for these businesses that operate legally under their local laws, it is a safety hazard for the communities they serve through no fault of their own. I strongly urge Congress to pass this legislation to finally allow these businesses to have the tools they need to bank safely and securely."
The letter emphasizes that current federal banking restrictions force legitimate cannabis businesses to operate primarily in cash, creating unnecessary public safety risks. This cash-intensive environment makes employees and customers targets for violent crime while undermining states’ ability to effectively regulate and tax these industries.
The coalition highlights the significant economic impact of state-regulated cannabis industries, noting that U.S. legal cannabis retail sales reached $30.1 billion in 2024, supporting approximately 425,000 jobs nationwide.
In Nevada, the Cannabis Compliance Board reported that the state's cannabis industry generated $829,225,193 in taxable income in fiscal year 2024, with significant contributions from Clark County and Washoe County.
Currently, 39 states, three territories, and the District of Columbia permit medical cannabis use, while 24 states, two territories, and the District of Columbia have legalized adult-use cannabis. Nearly 75% of Americans now live in jurisdictions where cannabis has been legalized in some form.
The SAFER Banking Act would not encourage cannabis legalization in states that have chosen not to permit it, nor would it change cannabis’s federal legal status. Instead, it creates a targeted safe harbor allowing depository institutions to provide financial services to covered businesses in states with laws and regulations ensuring accountability in the cannabis industry.
The coalition argues that integrating cannabis commerce into the regulated banking system would enable law enforcement and tax agencies to more effectively monitor cannabis businesses and their transactions, simplifying compliance with tax laws and increasing tax revenues.
The attorneys general conclude that the legislation will enhance the safety of Americans in states where cannabis has been legalized, while fostering economic growth and stability. Joining Ford in filing the letter are the attorneys general of Maryland, Ohio, Georgia, the District of Columbia, and several other states and territories.
