Attorneys General Urge Congress to Let Marijuana-Related Businesses Access the Federal Banking System

DC Attorney General Karl Racine and Maryland Attorney General Brian Frosh are part of a bipartisan coaliton of 38 state and territorial attorneys general who sent a letter to Congress supporting federal legislation granting marijuana-related businesses access to the federal banking system.

The attorneys general support advancing the SAFE Banking Act or similar legislation, expanding financial services to legitimate cannabis-related businesses and service providers and make it safer by reducing the amount of cash they hold. Local cosponsors of the bill include DC Rep. Eleanor Holmes-Norton and Maryland Reps. John Sarbanes, David Trone, Jamie Raskin and Anthony Brown.

Most states and several U.S. territories have legalized medical marijuana, including Maryland.10 states and the District of Columbia have legalized adult recreational use. But federal law still considers marijuana illegal, which exposes financial institutions to legal risk if they handle marijuana-related money or transactions.