Latest news with #SAFERBankingAct
Forbes
3 days ago
- Business
- Forbes
32 Attorneys General Call On Congress To Pass Cannabis Banking Bill
A bipartisan group of 32 state and territorial attorneys general have written a letter to Congress ... More calling on lawmakers to pass legislation to ease access to banking services for legal cannabis businesses. A group of 32 state and territorial attorneys general last week sent a letter to congressional leaders, calling on them to swiftly pass legislation that would ease access to common banking services for legal cannabis businesses. The letter, which was led by the attorneys general for Washington, D.C., Georgia, Maryland and Ohio, seeks approval for the Secure and Fair Enforcement Regulation (SAFER) Banking Act and asks that the measure be taken up in Congress this legislative session, according to a report from online cannabis news source Marijuana Moment. 'We are a bipartisan group of state and territorial attorneys general who, like you, have a strong interest in protecting the physical and economic wellbeing of our constituents while enabling economic growth and stability in our respective states,' the attorneys general wrote in the letter. 'We therefore urge Congress to advance this legislation, which will increase access to regulated banking and financial services for state-regulated cannabis businesses in jurisdictions that have legalized these businesses.' House Has Passed Cannabis Banking Bill Seven Times The U.S. House of Representatives passed a previous version of the SAFER Act known as the Secure And Fair Enforcement (SAFE) Banking Act at least seven times with bipartisan support. If passed, the legislation would ease access to traditional banking services to cannabis companies operating legally under state or tribal law. Under current federal law, providing such services is strictly regulated, leaving many businesses—particularly small, independent operators—without access to bank accounts, credit card processing and other financial services. As a result, many businesses operate strictly in cash, leaving operators, their customers and staff vulnerable to crime. 'It is increasingly critical to move cannabis commerce into the regulated banking system. The majority of states and several territories have legalized some use of cannabis,' the attorneys general wrote in their letter. 'As more states continue to consider and implement legalization efforts, the lack of access to America's financial system by cannabis businesses—which is a direct result of federal banking law—presents a considerable safety issue for the public.' 'Allowing access to the nation's regulated banking system is crucial to public safety and to ensuring that lawful businesses in our states have access to regulated banking services,' they added. Bill Calls For Cannabis Banking Guidance From Federal Regulators The SAFER Banking Act is the result of months of negotiation between senators over several provisions of the original SAFE Banking Act. Under the measure, federal regulators would be required to 'develop uniform guidance and examination procedures – including legacy cannabis-related deposits' and 'update guidance related to hemp-related businesses and service providers.' Regulators would be prohibited from ordering banks to close an account 'unless there is a valid reason.' The legislation also includes language to protect employees of state-legal cannabis businesses attempting to obtain residential mortgages funded by federal programs. The SAFER Banking Act would give regulated cannabis companies easier access to traditional business ... More banking services. 'The SAFER Banking Act is common-sense, bipartisan, and will beneficially impact the safety of the nearly 75 percent of Americans who live in a state where cannabis has been legalized,' the letter concludes. 'The bill respects both state sovereignty and the current status of cannabis at the federal level. It does not encourage legalization, nor does it facilitate cannabis sales in states that have chosen not to legalize it.' The SAFER Banking Act gives the Treasury secretary one year to publish updated guidance for banks that serve the cannabis industry. The previous version of the bill allowed only 180 days for the update to the guidance, which was first issued under the Obama administration in 2014. The guidance requires banks, credit unions and depository institutions that serve marijuana businesses to submit Suspicious Activity Reports (SARs) about their cannabis clients. The bill was also amended with technical changes that revised language on how cannabis-related financial transactions should not be considered 'proceeds from an unlawful activity.' 'When legal cannabis businesses are forced to operate in cash, it's not just inefficient – it's dangerous,' Arizona Attorney General Kris Mayes said in a statement about the letter. 'The SAFER Banking Act is a practical solution that will protect workers and communities while ensuring Arizona can effectively collect taxes and oversee this growing industry.' In January, Republican Rep. Dave Joyce of Ohio, the SAFER Banking Act lead in the House of Representatives, said that he would be introducing the legislation this session. He added, however, that its introduction was 'not imminent,' Marijuana Moment reported.
Yahoo
5 days ago
- Business
- Yahoo
Why Curaleaf Stock Surged 13% Higher Today
Key Points A letter sent by a clutch of attorneys general to congressional leaders made a case for banking reform for the marijuana industry. Lack of access to basic financial services has been quite a hindrance for the business. 10 stocks we like better than Curaleaf › A new political push for marijuana law reform had an intoxicating effect on Curaleaf (OTC: CURLF) stock as the trading week came to an end. On Friday, the multi-state operator (MSO) was quite the buzzy title on the exchange, with investors boosting its share price by 13% on the day. That compared quite favorably to the minor (0.4%) gain of the S&P 500 (SNPINDEX: ^GSPC) at market close. Banking on change Late on Thursday, a group of 32 attorneys general from U.S. states and territories sent a letter to congressional leaders imploring them to pass a marijuana banking bill. The Secure and Fair Enforcement Regulation (SAFER) Banking Act would allow cannabis businesses to access basic financial services; as the drug is illegal at the federal (if not necessarily the state) level, they are currently barred from these. Many are consequently forced to operate on a cash-only basis, which increases the risks of crime. In the letter, the attorneys general wrote, "As more states continue to consider and implement legalization efforts, the lack of access to America's financial system by cannabis businesses -- which is a direct result of federal banking law -- presents a considerable safety issue for the public." Democrats and Republicans alike Reflecting the broad support marijuana legalization enjoys among the general American public, the 32 attorneys general -- from locales such as Maryland; Washington, D.C.; and Georgia -- are a bipartisan group. While it remains to be seen what, if any, effect their letter has on the rather slow-moving Congressional pot reform efforts, it's good for the weed industry that there continues to be pressure for change. Should you buy stock in Curaleaf right now? Before you buy stock in Curaleaf, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Curaleaf wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,774!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,064,942!* Now, it's worth noting Stock Advisor's total average return is 1,040% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why Curaleaf Stock Surged 13% Higher Today was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
6 days ago
- Business
- Globe and Mail
Why Curaleaf Stock Surged 13% Higher Today
Key Points A letter sent by a clutch of attorneys general to congressional leaders made a case for banking reform for the marijuana industry. Lack of access to basic financial services has been quite a hindrance for the business. 10 stocks we like better than Curaleaf › A new political push for marijuana law reform had an intoxicating effect on Curaleaf (OTC: CURLF) stock as the trading week came to an end. On Friday, the multi-state operator (MSO) was quite the buzzy title on the exchange, with investors boosting its share price by 13% on the day. That compared quite favorably to the minor (0.4%) gain of the S&P 500 (SNPINDEX: ^GSPC) at market close. Banking on change Late on Thursday, a group of 32 attorneys general from U.S. states and territories sent a letter to congressional leaders imploring them to pass a marijuana banking bill. The Secure and Fair Enforcement Regulation (SAFER) Banking Act would allow cannabis businesses to access basic financial services; as the drug is illegal at the federal (if not necessarily the state) level, they are currently barred from these. Many are consequently forced to operate on a cash-only basis, which increases the risks of crime. In the letter, the attorneys general wrote, "As more states continue to consider and implement legalization efforts, the lack of access to America's financial system by cannabis businesses -- which is a direct result of federal banking law -- presents a considerable safety issue for the public." Democrats and Republicans alike Reflecting the broad support marijuana legalization enjoys among the general American public, the 32 attorneys general -- from locales such as Maryland; Washington, D.C.; and Georgia -- are a bipartisan group. While it remains to be seen what, if any, effect their letter has on the rather slow-moving Congressional pot reform efforts, it's good for the weed industry that there continues to be pressure for change. Should you invest $1,000 in Curaleaf right now? Before you buy stock in Curaleaf, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Curaleaf wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,774!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,064,942!* Now, it's worth noting Stock Advisor's total average return is 1,040% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025
