Merkley, Bipartisan Senators Reintroduce Cannabis Banking Reform

Washington, D.C. - Today, Oregon's U.S. Senator Jeff Merkley led a bipartisan group of Senators to reintroduce his legislation that would ensure state-legal cannabis businesses can access traditional and secure banking systems and financial services.

Even with the recent federal reclassification of cannabis from Schedule I to Schedule III at the federal level, the bipartisan Secure and Fair Enforcement (SAFE) Banking Act of 2026 is necessary to provide legal clarity for financial institutions to adequately serve state-legal medicinal or recreational cannabis businesses and ensure the safety of our communities. Merkley's SAFE Banking Act of 2026 would provide a common-sense solution by creating a legal framework for banking and financial services to offer state-legal cannabis businesses access to these critical services, reducing cash in communities nationwide, and improving public safety.

"Legal cannabis businesses operating in all-cash is dangerous for our communities-encouraging criminal activity like robberies, money laundering, and organized crime. It's past time we ensure legal businesses can access the financial services they need to help keep their employees, their businesses, and their communities safe," said Merkley. "The SAFE Banking Act is a common-sense, bipartisan solution, and I'll keep working with both Republicans and Democrats to advance this reform."

The bipartisan SAFE Banking Act of 2026 would:

• Prohibit, penalize, or discourage a bank from providing financial services to a legitimate state-sanctioned and regulated cannabis business, or an associated business (such as a lawyer or landlord providing services to a legal cannabis business);
• Terminate or limit a bank's federal deposit insurance primarily because the bank is providing services to a state-sanctioned cannabis business or associated business;
• Recommend or incentivize a bank to halt or downgrade providing any kind of banking services to these businesses or take any action on a loan to an owner or operator of a cannabis-related business;
• Create a safe harbor from criminal prosecution and liability and asset forfeiture for banks and their officers and employees who provide financial services to legitimate, state-sanctioned cannabis businesses, while maintaining banks' right to choose not to offer those services;
• Provide protections for hemp and hemp-derived cannabidiol (CBD) related businesses; and
• Require banks to comply with current Financial Crimes Enforcement Network (FinCEN) guidance, while at the same time allowing FinCEN guidance to be streamlined over time as states and the federal government adapt to legalized medicinal and recreational cannabis policies.

Merkley has been a fierce and longtime leader advocating for sensible cannabis reform. As a senior member of the Senate Appropriations Committee, he has also led the fight for over a decade for veterans to be able to discuss medical cannabis programs with their doctors at the U.S. Department of Veterans Affairs (VA) in states with medical cannabis programs.

The SAFE Banking Act of 2026 is cosponsored by U.S. Senators Lisa Murkowski (R-AK), Steve Daines (R-MT), and Elizabeth Warren (D-MA)-Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee.

U.S. Congressman David Joyce (R-OH-14) is leading the introduction of the SAFE Banking Act of 2026 in the House of Representatives. Previously, the SAFE Banking Act passed the House seven times with strong bipartisan support, and then-candidate Donald Trump stated he supported cannabis banking reform.

"We applaud today's re-introduction of the SAFE Banking Act and urge Congress to advance this bipartisan legislation so banks can finally provide financial services to state-licensed cannabis businesses, as well as the growing number of accountants, skilled trades, landlords, law firms, and other service providers they rely on to do business. For years, the conflict between state and federal cannabis laws has left many cannabis businesses operating in cash, creating significant public safety risks in states where it's been legalized. The SAFE Banking Act would provide banks with a clear federal safe harbor, allowing them to serve state-legal businesses while increasing transparency for law enforcement and reducing risks to the public," said Rob Nichols, American Bankers Association president and CEO. "We commend Senator Merkley, Representative Joyce and all of the co-sponsors for their leadership in moving this commonsense solution forward and stand ready to work with Congress to see it signed into law."

Full text of Merkley's SAFE Banking Act of 2026 can be found by clicking here.

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