President Donald Trump is reportedly intensifying efforts to pass cannabis banking legislation before the 2026 midterm elections. According to senior Senate staffers, Trump has been directly engaging with lawmakers to advocate for the reintroduction and passage of the Secure and Fair Enforcement Regulation (SAFER) Banking Act or similar legislation.Â

Renewed Push for Cannabis Banking Legislation

The SAFER Banking Act aims to provide legal cannabis businesses with access to traditional banking services, addressing the industry’s reliance on cash transactions due to federal restrictions. Despite previous bipartisan support, the bill has stalled in past congressional sessions. Trump’s renewed advocacy reflects a strategic move to align with public opinion favoring cannabis reform and to bolster support among constituents in states with legal cannabis markets.Â

Broader Cannabis Policy Developments

In addition to banking reform, bipartisan lawmakers have reintroduced the Strengthening the Tenth Amendment Through Entrusting States (STATES) 2.0 Act. This legislation seeks to end federal marijuana prohibition in states that have legalized cannabis, allowing for interstate commerce and providing tax relief by nullifying Section 280E of the Internal Revenue Code. The bill aligns with Trump’s stated support for states’ rights in determining cannabis policy.Â

Furthermore, the Preparing Regulators Effectively for a Post-Prohibition Adult-Use Regulated Environment (PREPARE) Act has been introduced to establish a federal regulatory framework for cannabis, anticipating eventual nationwide legalization. This act would create a commission to develop guidelines for federal oversight, drawing parallels to existing alcohol regulations.Â

Industry and Political Implications

Trump’s proactive stance on cannabis banking reform marks a significant shift from his previous administration’s approach and signals potential for meaningful policy changes. By addressing the financial challenges faced by legal cannabis businesses, the administration aims to enhance public safety, reduce illicit market activities, and support economic growth within the industry.

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