In a recent development, the National Conference of State Legislatures (NCSL), which represents state lawmakers across the United States, has called on Congress to pass the bipartisan marijuana banking bill. The NCSL has proposed attaching the Secure and Fair Enforcement Regulation (SAFER) Banking Act to unrelated Federal Aviation Administration (FAA) reauthorization legislation as a swift solution to the ongoing issues faced by legal cannabis businesses.

The NCSL highlighted the urgent need for financial services for legal cannabis businesses, as their inability to access the federal banking system poses safety concerns and creates taxation and compliance problems. According to NCSL CEO Tim Storey, passing the SAFER Banking Act would offer much-needed banking resources to legitimate businesses, facilitating secure and enforceable transactions in almost every state.

Despite the fact that most states have legalized cannabis in some form, legitimate business owners in the industry continue to operate with cash-only transactions due to the lack of banking access. This makes them vulnerable to crimes such as theft, burglary, and armed robbery, thereby endangering the safety of employees, customers, and the communities they operate in.

The NCSL's call to action emphasizes the urgent need for Congress to take decisive steps by passing the SAFER Banking Act, which would resolve the longstanding tension between federal and state law on cannabis banking. By allowing financial institutions to serve legal cannabis businesses without penalty, the legislation would not endorse the legalization of cannabis but rather aim to address financial service disparities.

The NCSL, representing legislatures of states and territories nationwide, has been a longstanding advocate for cannabis banking reform. Additionally, they voted to adopt a policy position in support of federal marijuana descheduling in 2022, further solidifying their commitment to advancing cannabis-related issues.

Lawmakers from both parties have shown interest in the prospects of the SAFER Banking Act. Senator Steve Daines (R-MT), the GOP sponsor of the bill, expressed confidence in its success, stating that Congress is in the best position it has ever been to pass the legislation. Moreover, discussions have arisen regarding the possibility of combining cryptocurrency regulation legislation with the marijuana banking bill as part of the FAA reauthorization process, which must be completed by May 10.

Senate Majority Leader Chuck Schumer (D-NY) reaffirmed his commitment to passing legislation to safeguard cannabis banking as part of the busy legislative agenda. Schumer emphasized the need for bipartisan cooperation in achieving these goals, signaling potential collaboration on this crucial matter.

As the debate around cannabis legalization continues across the country, the push for cannabis banking reform is gaining momentum. With the NCSL's plea to attach the SAFER Banking Act to the FAA reauthorization legislation, lawmakers must now act swiftly to address the financial challenges faced by legal cannabis businesses and promote safer business practices.

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