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A bipartisan coalition of 32 state attorneys general, including Oklahoma Attorney General Gentner Drummond, called on federal lawmakers late last month 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 on July 24, the attorneys general 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. The businesses also provided approximatley 425,000 jobs in 2024.