Washington US senator co-sponsors federal bill allowing dispensaries to open bank accounts

PORTLAND, Ore. (KOIN) — Washington’s U.S. Sen. Maria Cantwell has co-sponsored federal legislation that would allow dispensaries nationwide to open bank accounts, moving them away from cash-only transactions and potentially preventing theft.

The bicameral Secure and Fair Enforcement Regulation Banking Act was re-introduced by Oregon Sen. Jeff Merkley, Rep. Earl Blumenauer and other state lawmakers in 2023.

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Although medicinal marijuana has been legalized in 38 states and recreational use has been legalized in 24, the drug remains listed as a Schedule I drug on a federal level. Because of these restrictions, lawmakers said many U.S. banks prohibit dispensaries from opening accounts out of fear of prosecution.

Since a significant portion of marijuana, hemp and CBD retailers are cash-only facilities, legislators noted the businesses are more vulnerable to theft and other organized crimes.

In Washington, Sen. Cantwell reported there were 50 attempted robberies at dispensaries through 2023. Oregon Liquor and Cannabis Commission’s data dashboard shows there were 153 documented thefts at dispensaries statewide during the same year.

Under the SAFER Banking Act, federal banking regulators wouldn’t ban or discourage banks from allowing marijuana retailers — or people associated with the retailers — from opening accounts. The banks would still hold the right to deny businesses of their services.

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According to Rep. Blumenauer, who co-founded and is co-chair of the Congressional Cannabis Caucus, the House of Representatives has passed this legislation seven times. The act’s many co-sponsors, including Oregon Sen. Ron Wyden, hope it will receive the Senate’s approval next.

“State legislatures shouldn’t be in this position,” Sen. Wyden told KOIN 6 in a statement. “It’s shameful that the federal government’s reefer madness continues to put state-legal businesses and their employees in this position. This is a public safety issue, an economic issue and a fairness issue. I will continue to push Congress to pass Senator Merkley’s SAFER Banking Act to settle this once and for all.”

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