State Representative Joshua Kassmier, a Republican, has prefiled Senate Joint Resolution 5 (SJR 5) in the Montana Legislature, urging the United States Congress to pass the SAFER Banking Act.
The resolution was officially introduced on December 27, and it was assigned on December 30 to the Business, Labor, and Economic Affairs Committee for consideration.
SJR 5 highlights the challenges faced by marijuana-related businesses due to federal restrictions on banking access. The resolution notes that despite marijuana’s federal Schedule I classification under the Controlled Substances Act of 1970, public opinion has shifted significantly, with a Pew Research poll showing 61% of Americans support nationwide legalization. Montana voters approved medical marijuana in 2004 and recreational use in 2020, with the state generating over $117 million in marijuana tax revenue between January 2022 and April 2024. These funds have supported initiatives ranging from mental health services to wildlife conservation and veterans’ programs.
The resolution outlines the ongoing financial barriers marijuana-related businesses encounter. Because federal laws restrict access to traditional banking services, these businesses often operate on a cash-only basis, increasing risks of crime and regulatory noncompliance. The SAFER Banking Act seeks to address these issues by prohibiting penalties on financial institutions that provide services to marijuana businesses, thereby enhancing public safety and enabling better financial oversight.
Montana’s U.S. Senators, Steve Daines and Jon Tester, are cosponsors of the SAFER Banking Act, which was approved by the U.S. Senate Committee on Banking, Housing, and Urban Affairs in September 2023 with bipartisan support. If passed, the act would reduce reliance on cash transactions in the marijuana industry, streamline financial regulation, and respect states’ authority to legislate on marijuana policy.
The resolution calls on Congress to act promptly, emphasizing the benefits of the SAFER Banking Act for public safety, financial transparency, and state economies.
