AK HJR23

Alaska State Legislature urges the federal government to adopt the SAFE Banking Act of 2019 or similar legislation to provide financial services access to legal cannabis-related businesses in states with medical or adult-use legalization.

The resolution cites Alaska's November 2014 voter approval of cannabis legalization and the state's implementation of regulations aligned with federal enforcement priorities regarding cannabis distribution, revenue tracking, and public safety.

The SAFE Banking Act provides a safe harbor for depository institutions and their officers, directors, and employees from liability under federal law when providing financial services to cannabis-related legitimate businesses or service providers.

The Act protects cannabis business proceeds from being classified as proceeds from unlawful activity for money laundering purposes and addresses public safety concerns posed by cash-intensive cannabis operations, with the industry estimated at $8.3 billion currently and projected to reach $25 billion by 2025.

Copies of the resolution shall be sent to President Trump, U.S. Senators Lisa Murkowski and Dan Sullivan, U.S. Representative Don Young, and all members of the 116th Congress.