Stock prices for Curaleaf experienced a 13% increase today.
In a recent development, a bipartisan group of 32 attorneys general from various U.S. states and territories, including Maryland, Washington D.C., and Georgia, have sent a letter to congressional leaders, urging them to pass the Marijuana Banking bill known as the Secure and Fair Enforcement Regulation (SAFER) Act.
The SAFER Banking Act, if passed, would allow cannabis businesses to access basic financial services, which they are currently barred from due to marijuana being illegal at the federal level. This legislation aims to address the safety issues faced by cannabis businesses, as the lack of access to America's financial system presents a considerable safety issue for the public.
The current cash-only operations of many cannabis businesses increase public safety risks due to susceptibility to robbery and complicate state tax collection and regulatory oversight. The SAFER Banking Act, if enacted, would help integrate cannabis commerce into the regulated banking system, enhancing transparency and compliance, and enabling law enforcement and tax agencies to monitor transactions more effectively.
The coalition of attorneys general, including representatives from both Democratic and Republican states, has emphasized that the act would not promote cannabis legalization where it is not allowed but would provide legal clarity and safe harbor for banks serving cannabis businesses operating under state law.
The economic importance of the cannabis industry is evident, with legal retail sales reaching $30.1 billion in 2024, and projections of $34 billion for 2025. The industry also employs approximately 425,000 people nationally.
However, the SAFER Banking Act remains a priority for many state officials, but as of July 2025, it awaits formal reintroduction and passage in Congress. The recent unified push by a significant bipartisan group of attorneys general may increase political momentum toward its enactment, but the legislative outcome remains pending.
This push for change in federal banking law is another example of ongoing pressure for reform in the marijuana industry. The pressure for marijuana legalization reform continues, as demonstrated by the letter from the bipartisan group of attorneys general. The trading week ended with Curaleaf's stock being quite the buzz on the exchange, making it a notable title in the industry.
[1] NORML. (2025). The SAFER Banking Act of 2025. Retrieved from https://norml.org/laws/item/the-safer-banking-act-of-2025 [2] Marijuana Moment. (2025). Bipartisan Coalition of Attorneys General Urges Congress to Pass Marijuana Banking Bill. Retrieved from https://www.marijuanamoment.net/bipartisan-coalition-of-attorneys-general-urges-congress-to-pass-marijuana-banking-bill/ [3] Forbes. (2025). Why The SAFER Banking Act Matters For The Cannabis Industry. Retrieved from https://www.forbes.com/sites/jamiebartosch/2025/07/01/why-the-safer-banking-act-matters-for-the-cannabis-industry/ [4] Politico. (2025). Attorneys General Urge Congress to Pass Marijuana Banking Bill. Retrieved from https://www.politico.com/news/2025/07/01/attorneys-general-urge-congress-to-pass-marijuana-banking-bill-00064287
- In the ongoing debate surrounding the marijuana industry, investors are keeping a close eye on the financial sector, particularly the potential passing of the SAFER Banking Act, which would allow cannabis businesses to access basic financial services.
- The enactment of the SAFER Banking Act could significantly impact the finance industry, as it would enable cannabis businesses to transition from cash-only operations, thereby enhancing transparency and compliance in the business and finance sectors.
- The push for the SAFER Banking Act is not just a concern for the marijuana industry; it also has implications for general news, politics, and business, as it represents a call for reform in the financial treatment of an increasingly significant industry – one that currently operates largely in the shadows due to federal restrictions.
