UPDATE - July 24, 2025:
Today, Nevada Attorney General Aaron D. Ford announced he has joined a bipartisan coalition of attorneys general urging Congress to pass the SAFER Banking Act of 2025.
The coalition submitted a letter to congressional leaders requesting legal clarity for financial institutions to serve state-regulated cannabis businesses, citing safety risks and tax oversight challenges created by current federal restrictions.
“Cannabis legalization has reached almost every corner of our country in some form,” said AG Ford. “The lack of reliable, consistent banking services for cannabis-related businesses is not only a struggle for these businesses that operate legally under their local laws, but it is a safety hazard for the communities they serve through no fault of their own. I strongly urge Congress to pass this legislation to finally allow these businesses to have the tools they need to bank safely and securely.”
The letter argues that federal banking limitations force many cannabis businesses to operate in cash, increasing risks of robbery and reducing transparency in tax collection.
It also states that the SAFER Banking Act would not legalize cannabis federally or in states that prohibit it, but would create a safe harbor for banks working with legal, state-regulated cannabis businesses.
According to the letter, legal cannabis sales in the U.S. reached $30.1 billion in 2024, supporting approximately 425,000 jobs. Sales are projected to grow to $34 billion by the end of 2025.
In Nevada, state data shows the cannabis industry brought in over $829 million in taxable income during fiscal year 2024, with Clark County accounting for more than $628.4 million of that total.
Currently, 39 states, three territories, and the District of Columbia allow medical cannabis use, while 24 states, two territories, and the District of Columbia permit adult-use cannabis.
AG Ford joins attorneys general from more than 30 other jurisdictions, including Maryland, Ohio, Georgia, California, and the District of Columbia, in signing the letter (see below).
ORIGINAL STORY - September 28, 2023:
Nevada Attorney General Aaron Ford is joining lawmakers asking Congress allow cannabis businesses to access banking services.
In a statement, Ford says, “It is long past time that Congress specifically lifts the restrictions that make it so difficult for regulated cannabis businesses to access banking. Without access to financial services, these businesses are subjected to increased safety concerns and unable to run their businesses with the same methods as other, similarly regulated industries. Nevada’s cannabis businesses deserve the same security and safety as every other local business that drives our economy.”
The attorney general is specifically asking lawmakers to advance the SAFER Banking Act.
The bipartisan bill will give cash-dependent cannabis dispensaries access to regular banking services.
The Secure And Fair Enforcement Regulation Banking Act (SAFER) bill, introduced by a bipartisan group of senators last week, passed out of the Senate Banking, Housing, and Urban Affairs Committee on Wednesday.
Nevada's Senior Senator Catherine Cortez Masto was one of the 14 senators who voted to advance the measure to the full chamber's floor.
"There are so many Nevada business owners in our state who have opened cannabis businesses to create jobs and support their families, it's legal for them to do so, and yet too many of these businesses can't use critical banking services that all other businesses can access," explained (D-NV) Senator Catherine Cortez Masto.
Most banks in the country do not service cannabis companies, as marijuana remains illegal at the federal level despite more than 20 states legalizing it for both recreational and medicinal use.
"Right now because they can't bank with legitimate federally insured banking institutions, it's an all cash business that means that they're paying their vendors in cash, they're paying their employees in cash. There is a lot of cash around the business that they have to secure, so not only are they being treated differently than other small businesses in the state, but it's also a workers safety issue," said Senator Cortez Masto.
We went to SoL Cannabis in Washoe Valley. Founder Ed Alexander tells us that the current restrictions make an already demanding industry that much more challenging.
"Part of the struggle that we have with banking right now is that banks treat us very differently than other regulated businesses. Much higher fee structure, our customers pay a much higher fee structure, we don't have merchant services which is the ability to use credit cards and debit cards," said Alexander.
Having a universal set of guidelines will also make it easier for law enforcement.
"When there is an all cash business we're always concerned about the safety of the workers but there's also money laundering concern as well," said Cortez Masto.
Nevada is the second highest per capita of cannabis sales in the nation.
The Silver State legalized medical cannabis 20 years ago and recreational marijuana 6 years ago.
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