State attorneys general urge passage of cannabis banking rule

A bipartisan coalition of 32 state attorneys general, including Oklahoma’s Gentner Drummond, called on federal lawmakers recently to pass legislation that would enable financial institutions to serve legitimate cannabis businesses in states where it is legal.

In a joint letter to congressional leaders, the AGs endorsed the Secure and Fair Enforcement Regulation (SAFER) Banking Act, which would allow cannabis businesses to access deposit accounts, insurance and other financial services. They noted that 39 states, three territories, and the District of Columbia now permit medical use of cannabis products, while more than two dozen states and territories regulate cannabis for non-medical use. Legal cannabis retail sales reached $30.1 billion nationwide in 2024, a 4.5% increase year-over-year, they said.