By the Ulman Public Policy Team
On June 25, a bipartisan group of House and Senate lawmakers reintroduced the Secure and Fair Enforcement (SAFE) Banking Act of 2026, legislation that would protect financial institutions and service providers that provide financial services to state-legal cannabis businesses. The House passed prior versions seven times between 2019 and 2022.
Legislative Champions on the SAFE Banking Act of 2026
In the House, Representative Dave Joyce (R-OH) is leading the legislation, with Representatives Jim Himes (D-CT), Warren Davidson (R-OH), and Nydia Velázquez (D-NY), among others, as original cosponsors. According to Rep. Joyce’s press release, “forcing businesses to operate in cash not only hinders economic growth, but it also opens the doors for illegal activity like money laundering and organized crime.”
The bill has a Senate companion led by Senator Jeff Merkley (D-OR), with Senators Lisa Murkowski (R-AK), Elizabeth Warren (D-MA), and Steve Daines (R-MT) as original cosponsors. According to Sen. Merkley’s press release, the all-cash model “is dangerous for our communities—encouraging criminal activity like robberies, money laundering, and organized crime,” and the bill is “a common-sense, bipartisan solution.”
Impact on the Armored Car Industry
While NACA’s members do not take a position in favor of or opposed to the legalization of cannabis or marijuana, nor currently provide armored car services to the U.S. cannabis industry directly, the SAFE Banking Act would address the existing conflict between federal and state law with respect to proceeds from marijuana-related businesses. Because cannabis remains illegal under federal law, many banks remain reluctant to serve state-legal cannabis businesses, leaving much of the industry to operate in cash. The proposed legislation would allow for safer transportation, storage, and oversight of cannabis and related products. The lack of available vendors to provide secure transport and storage of that cash increases the risk of criminal activity that can pose a danger not only to those involved in the cannabis industry, but the general public.
The bill would bar federal banking regulators from penalizing or discouraging institutions from serving state-legal cannabis businesses solely because of that relationship, while not requiring any institution to provide those services. For armored car companies and other service providers, it would create a safe harbor — including protection from criminal liability and asset forfeiture — for those that serve these businesses. This would provide NACA’s member companies with important legal protection and clarity to safely and securely transport cash in states that have legalized and regulated cannabis.