Momentum for federal cannabis-banking reform has slowed to a crawl in Washington, where lawmakers appear far more focused on everything except allowing cannabis businesses basic access to the financial system. Despite years of bipartisan pushes, industry pleas, and repeated warnings about the risks of a cash-only marketplace, the long-discussed SAFE Banking legislation has quietly drifted to the political back burner.
After months of disruption from a government shutdown and competing legislative priorities, members of Congress in both chambers are openly admitting they see no sign the bill will advance anytime soon. In the Senate, the measure hasn’t even been refiled, leaving no vehicle to move forward. Former sponsor Jeff Merkley summed up the situation bluntly: the bill is “on the back burner,” overshadowed by fights over health-care subsidies and other more urgent partisan battles.
House lawmakers echo the same sense of inertia. Representatives long involved in cannabis reform say they haven’t heard a whisper of new negotiations. Some, like Lou Correa, expressed surprise that no momentum has surfaced by now, while others—including Cannabis Caucus leaders Dina Titus and Brian Mast—suggest the issue may end up being folded into a larger legislative package… whenever Congress decides to pick this back up. That likely won’t be anytime before next year.
All of this inaction comes despite the bill’s long track record of passing the House—seven times—and even clearing a Senate committee in the past, only to stall before ever reaching the Senate floor. Advocates have grown used to this cycle: lots of progress on paper, but no final vote in reality.
Political resistance remains a key hurdle. Some lawmakers continue to oppose the reform outright, arguing that as long as cannabis is federally illegal, banks shouldn’t be permitted to serve cannabis businesses at all. That position stands in contrast to supporters—including more than 30 state attorneys general—who warn that forcing a multibillion-dollar industry to operate mostly in cash is a recipe for robbery, tax headaches, and regulatory chaos.
For now, the outlook is muted. Hopes for movement before year’s end have faded, and Congress seems content to let the issue simmer quietly on the legislative stove. Still, a handful of lawmakers believe talks could resume early next year if political conditions shift.
Until then, the cannabis industry will continue doing what it’s gotten surprisingly good at: waiting for Congress to catch up.
Dabbin-Dad Newsroom
