Bicameral and bipartisan legislation to allow marijuana banking is now sponsored by lawmakers from 39 states.
The SAFE Banking Act in the House (filed last April) and SAFER Banking Act in the Senate (filed in September) would both allow banks and other financial institutions to provide banking services to marijuana businesses that are legal under state law. It would also allow licensed marijuana businesses to take standard IRS tax deductions.
In the House, the measure has 114 sponsors, more than any marijuana-related bill in US history. In the Senate, the measure has 36 sponsors, representing over a third of the full chamber.
These sponsors represent 39 states, or 78% of the entire country.
Below is a list of every state with lawmakers sponsoring the SAFE/SAFER Banking Act:
- Alabama
- Alaska
- Arizona
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Illinois
- Indiana
- Iowa
- Kentucky
- Maine
- Maryland
- Massachusetts
- Minnesota
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New York
- North Carolina
- North Dakota
- Ohio
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- Texas
- Vermont
- Virginia
- Washington
- Wisconsin
- Wyoming
According to polling released earlier this week, “by a greater than a 3-to-1 margin (63% support vs. 17% oppose) U.S. adults support Congress passing legislation that allows cannabis businesses to access banking services and financial products like checking accounts and business loans in states where cannabis is now legal”.
