Sinema Bipartisan Bill Ensures Legal Cannabis Businesses in Arizona Receive Banking & Insurance Services

Apr 27, 2023

Senator’s bipartisan legislation increases safety for Arizona communities by allowing legal businesses to access banking services, reducing robberies by cutting down on the amount of cash businesses need to keep on hand

WASHINGTON – Arizona senior Senator Kyrsten Sinema, along with U.S. Senators Jeff Merkley (D-Ore.) and Steve Daines (R-Mont.), introduced the bipartisan Secure And Fair Enforcement (SAFE) Banking Act – legislation that ensures legal medicinal and recreational cannabis businesses in Arizona have access to banking and insurance services.
“We’re providing safety and security to Arizona communities by ensuring legal businesses have access to banking services,” said Sinema, a member of the Senate Banking Committee.
The SAFE Banking Act strengthens public safety. Without access to banking services, cannabis businesses are often forced to do business in cash and keep large volumes of cash on their premises. Criminals know this, making cannabis businesses targets for robberies and other crime.
Most state legal medicinal and recreational cannabis businesses are denied access to the banking system because banks fear they may be prosecuted under federal law given the ongoing restrictions on cannabis. The Sinema-backed bipartisan bill ensures cannabis businesses have access to banking and insurance services, which will strengthen public safety and protect banks from penalties or prosecution for providing banking services to legal cannabis businesses.