(WHTM)– Pennsylvania Attorney General Dave Sunday joined a bipartisan coalition today, encouraging Congress to pass cannabis banking reform legislation.
Sunday said the coalition, which consists of 32 attorneys general, calls on Congress to pass the SAFER Banking Act of 2025. This bill aims to provide legal clarity for banks to serve state-regulated cannabis businesses, address public safety concerns, and improve states’ ability to collect taxes and provide oversight.
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The coalition submitted a letter to Congress, urging them to pass the legislation. According to Sunday, the letter argues federal banking restrictions currently create unnecessary public safety risks because they force cannabis businesses to operate primarily in cash.
This could potentially make employees and customers targets of violent crime.
Currently, 39 states permit medical cannabis use, while 24 currently allow for legalized adult-use cannabis. While Pennsylvania permits medical cannabis use, recreational use remains illegal.
The coalition argues that the SAFER Banking Act would create a “targeted safe harbor allowing depository institutions to provide financial services to covered businesses in states that have implemented laws and regulations ensuring accountability in the cannabis industry.”
They added that the legislation would enable law enforcement and tax agencies to monitor cannabis businesses and their transactions more effectively.
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