A coalition of 16 Democratic governors, led by Maryland Gov. Wes Moore, has sent a letter urging Congress to pass the Secure and Fair Enforcement (SAFE) Banking Act. The bill would protect banks that serve state-licensed cannabis businesses. Citing the federal move to reschedule marijuana, the governors argue that the gap between state and federal law keeps these businesses largely cash-based. That makes them targets for robbery, cuts them off from loans, payroll services, and credit processing, and makes it harder for states to collect taxes and oversee the industry. The push adds to earlier support from 32 state attorneys general and the American Bankers Association. It also follows a recent GAO report finding that many banks remain reluctant to work with the cannabis industry. Read the full Marijuana Moment article here and follow us for the latest cannabis news and updates.
