A bipartisan coalition of 32 attorneys general, including Arizona’s Kris Mayes, is urging Congress to pass the SAFER Banking Act 2025 for cannabis industry safety.
In a rare display of bipartisan unity, attorneys general from 32 states and territories — including Arizona’s own Kris Mayes — have called on Congress to pass the Secure and Fair Enforcement Regulation (SAFER) Banking Act of 2025. Their late July letter to Congressional leaders frames the bill as a public safety imperative, an economic stabilizer, and a regulatory necessity for the nation’s $30 billion legal cannabis industry.
The bill would create a federal safe harbor allowing banks, credit unions, and insurers to serve state-regulated cannabis businesses without fear of federal prosecution or penalties. In practice, it would dismantle the cash-only model that has defined the industry since its inception under prohibition-era banking rules.
From SAFE to SAFER: A Long Road
Efforts to bring cannabis into the financial mainstream are not new. In 2019, 38 AGs urged passage of the original SAFE Banking Act, citing the same crime and oversight issues that persist today. That bill repeatedly stalled in the Senate despite passing the House multiple times.
The 2023 rebrand to SAFER expanded its scope beyond banking to include insurance and ancillary financial services, making it more comprehensive. Now in 2025, the coalition of AGs — representing states with both legal and prohibited cannabis markets — is betting that growing economic stakes and voter sentiment could finally tip the balance.
The Stakes: Safety, Jobs, and Oversight
Under current federal law, even state-licensed dispensaries cannot legally open a standard business checking account. This forces businesses to store and move large amounts of cash, turning employees, couriers, and customers into potential crime targets.
In Arizona, where GreenPharms and dozens of other licensed dispensaries operate under strict state regulation, this means armored cars, private security, and cash-counting rooms are routine. It’s not just inefficient — it’s dangerous.
The AGs argue that cash-only operations also complicate tax collection and compliance auditing. Arizona’s Department of Revenue has developed sophisticated cannabis tax reporting systems, but physical cash transfers still slow down enforcement and accuracy.
Nationally, legal cannabis sales hit $30.1 billion in 2024, supporting roughly 425,000 jobs. Analysts project $34 billion in sales by the end of 2025. Those are numbers lawmakers on both sides of the aisle are finding harder to ignore.
Why This Time Might Be Different
Support for SAFER crosses ideological lines. Signatories to the July letter include AGs from progressive states like California and Illinois and conservative states like Utah and Georgia. This coalition sends a signal to Congress that cannabis banking reform is no longer a fringe or partisan issue — it’s a governance issue.
The American Bankers Association backs the bill, citing not only safety but the importance of bringing cannabis commerce into the same compliance systems used for other industries. For financial institutions, clarity is key: the SAFER Act would protect them from federal penalties for serving businesses that are legal in their home states.
Still, passage is not guaranteed. The Senate has long been the stumbling block for cannabis banking bills, and while some Republicans have warmed to the idea, others remain opposed on principle or wary of appearing to support broader legalization.
Risks and Unanswered Questions
Banking access would be a game-changer for many cannabis operators, but it’s not a cure-all. Compliance costs could still be prohibitive for smaller dispensaries or those owned by entrepreneurs from historically marginalized communities. There’s also the question of readiness: many banks will take a cautious approach, weighing potential reputational risks.
Some law enforcement groups continue to oppose any measure perceived as normalizing cannabis, while anti-cannabis advocacy organizations argue that reform should not move ahead without tighter public health restrictions.
Finally, the SAFER Act does not legalize cannabis at the federal level. States that have banned cannabis would see no change, and the bill does not compel any financial institution to serve the industry.
The Arizona Context
Arizona has operated a regulated medical cannabis program for over 12 years, adding adult-use sales in 2021. Today, dispensaries like GreenPharms navigate a robust regulatory system that includes seed-to-sale tracking, potency testing, and strict security protocols. Yet the absence of banking access means they must still function with logistical workarounds better suited to the 1920s than 2025.
Attorney General Kris Mayes’ participation in the SAFER coalition underscores Arizona’s pragmatic approach: acknowledge cannabis is here to stay, regulate it carefully, and make it safer to operate. The Arizona Dispensaries Association has echoed this stance, pointing out that the inability to bank legally not only puts staff at risk but also complicates expansion plans, hiring, and community investment.
What to Watch Next
Whether the Senate schedules a stand-alone vote or folds SAFER into a must-pass appropriations bill could determine its fate. The speed of bank adoption in legal states will also be a critical metric, as will data on whether crime rates decline in newly banked cannabis markets.
For Arizona operators, passage could mean more secure payroll, faster tax remittance, and the ability to pursue traditional financing for growth. For consumers, it could mean the convenience of paying with a debit card instead of cash and the confidence of knowing their transactions are tracked and transparent.
As Mayes and her fellow AGs push Congress to act, one thing is clear: the conversation around cannabis banking has shifted from if to when. The question now is whether 2025 will be the year federal policy catches up with the reality on the ground.
***
GreenPharms is more than just a dispensary. We are a family-owned and operated company that cultivates, processes, and sells high-quality cannabis products in Arizona. Whether you are looking for medical or recreational marijuana, we have something for everyone. From flower, edibles, concentrates, and topicals, to accessories, apparel, and education, we offer a wide range of marijuana strains, products and services to suit your needs and preferences. Our friendly and knowledgeable staff are always ready to assist you and answer any questions you may have. Visit our dispensaries in Mesa and Flagstaff, or shop online and get your order delivered to your door. At GreenPharms, we are cultivating a different kind of care.
Follow us on social media
