Washington State Treasurer Commends Cannabis Banking Progress, Urges Further Action

Washington State Treasurer Mike Pellicciotti (left) at a 2022 press conference in support of the SAFE Banking Act, speaking before handing the microphone over to U.S. Senator Patty Murray (right).

OLYMPIA – Following the United States Senate Committee on Banking, Housing, and Urban Affairs passing the SAFER Banking Act of 2023, Washington State Treasurer Mike Pellicciotti released the following statement:

“The SAFER Banking Act passing out of committee today is welcome news to the forty states with recreational or medical cannabis industries which are eager to access reliable banking services and move on from an all-cash business environment.”

“Washington state has had a regulatory framework to tax and license cannabis production, processing and retail for nearly a decade. Yet, challenges persist to ensure safety, accountability, and fairness throughout the industry.”

“One of the foremost barriers to improving our system are the federal laws prohibiting the cannabis industry and their employees from accessing banking services that are routine in nearly every other instance.”

“I am thankful to the members of the Washington state congressional delegation who have signed on to cosponsor this needed legislation. Next month I will be in Washington, D.C. to advocate for the SAFER Banking Act and share with members of Congress why we must not wait any longer to make it law.”