Sixteen Democratic governors have asked congressional leaders to pass the Secure and Fair Enforcement (SAFE) Banking Act, a long-stalled bill that would shield banks from federal penalties for serving state-licensed marijuana businesses. The letter, led by Maryland Gov. Wes Moore, was reported by Marijuana Moment on Nov. 10, 2026.
What the governors are asking for
According to Marijuana Moment, the governors urge House and Senate leaders to pass legislation that would let state-sanctioned cannabis businesses use core banking services. They write that the change would “protect public safety, increase revenues, and improve transparency in our states,” and describe the SAFE Banking Act as a “pragmatic solution that respects state sovereignty.”
The signers reported by Marijuana Moment are the governors of Maryland, Colorado, Connecticut, Delaware, Illinois, Kentucky, Maine, Massachusetts, Michigan, Minnesota, New Mexico, New York, Oregon, Virginia, Washington and Wisconsin. All are Democrats. Moore chairs the National Governors Association, though the report does not say the letter was sent on the association’s behalf.
On social media, Moore said legal cannabis businesses in states like Maryland “still run mostly on cash,” per the same report.
Why banking is still a problem
Marijuana remains a controlled substance under federal law, and banks that serve cannabis businesses worry about federal compliance risk. The practical result is that many licensed operators rely heavily on cash, which governors say creates robbery risks and complicates tax collection and fee processing.
A September 2026 Government Accountability Office report, as summarized by Marijuana Moment, found that many banks remain reluctant to serve state-licensed marijuana businesses. The same summary says GAO found “no indication” that any bank had been penalized solely for doing so.
Where the legislation stands
Marijuana Moment reports that bipartisan House and Senate versions of the SAFE Banking Act were filed in June. The House has approved versions of the bill several times, but it has never become law. A version cleared the Senate Banking Committee in 2023 and then expired at the end of the 118th Congress.
Supporters have kept building the case. Last year, 32 state and territory attorneys general urged Congress to act, and in July the American Bankers Association asked congressional leaders to back banking legislation, according to the same report.
How this connects to rescheduling
The governors’ letter points to the Trump administration’s move to reschedule marijuana. That effort is still working through the process. Ganjly’s marijuana rescheduling timeline tracker follows each step, including the DEA hearing that is awaiting a recommendation.
Rescheduling and banking are separate questions. Moving marijuana to Schedule III would change how the drug is classified under federal law, but it would not by itself write new banking protections into law, which is what the SAFE Banking Act is designed to do. Readers can see how state and federal rules differ in our guide on whether cannabis is legal in all 50 states.
What happens next
A letter from governors does not move a bill on its own. The bill needs floor time and committee action in both chambers, and no vote has been reported. The letter does add pressure from state officials who oversee licensed markets and collect cannabis tax revenue. For background on that revenue, see our breakdown of cannabis tax rates by state.
Note on sourcing: Ganjly was unable to open the governors’ letter directly. Details of its contents and the signers come from Marijuana Moment’s report. We will update this article if the letter text or a congressional response is confirmed.
Sources
- Marijuana Moment: 16 governors push Congress to pass marijuana banking bill
- Marijuana Moment newsletter, Nov. 11, 2026
