Cramer, Gallego Introduce CLAIM Act to Expand Cannabis Banking Access

Bill Protects Financial Institutions Serving State-Legal Cannabis Operators

The CLAIM Act would shield banks, credit unions, and insurers from federal prosecution or asset forfeiture when providing services to cannabis businesses operating in compliance with state law. Under current federal law, financial institutions face potential money-laundering charges under the Bank Secrecy Act and asset seizure under the Controlled Substances Act when handling cannabis-related deposits or transactions, even in states where cannabis is legal. The bill directly addresses this conflict by creating a statutory safe harbor.

It applies to depository institutions, insurers, and their officers and employees. Federal regulators can't penalize institutions solely because a customer holds a state-issued cannabis license. The safe harbor extends to ancillary businesses—landlords, payroll processors, equipment vendors—that serve the cannabis industry.

The bill would end the cash-only limbo that's left cannabis operators vulnerable to theft, tax compliance failures, and organized crime infiltration since state legalization began in 2012.

Bipartisan Sponsors Frame Bill as Public Safety Measure

Senator Cramer emphasized the public safety rationale. Forcing cannabis businesses to operate in cash creates security risks and hampers tax collection, he noted. According to a statement from Cramer's office, the all-cash environment has led to armed robberies, employee safety incidents, and underreporting of tax liabilities in states with legal markets. Gallego echoed the argument, citing constituent feedback from Arizona dispensary operators who've faced account closures and difficulties securing business loans.

The bill doesn't legalize cannabis at the federal level or alter the Schedule I classification under the Controlled Substances Act. It narrowly targets the banking access problem. For full background on federal cannabis banking legislation, see the CannIntel topic hub on the CLAIM Act.

Legislative Path Uncertain Amid Broader Rescheduling Debate

The CLAIM Act enters a crowded field of cannabis reform proposals, including the stalled SAFE Banking Act and the pending DEA rescheduling review. The SAFE Banking Act passed the House seven times between 2019 and 2023 but never cleared the Senate due to disagreements over social equity provisions and expungement language. The CLAIM Act's narrower scope—limited to financial access without broader criminal justice reforms—may improve its odds. Passage remains uncertain.

The bill's been referred to the Senate Banking Committee. No hearing date yet. Industry observers note that bipartisan sponsorship improves the bill's chances, but Republican leadership has historically resisted standalone cannabis measures without broader regulatory frameworks.