AK HJR14

Alaska Legislature urges federal government to adopt the SAFE Banking Act of 2019, section 110606 of the Heroes Act, or similar legislation providing safe harbor protections for banks serving legal cannabis-related businesses

Legislation would allow depository institutions to provide financial services to cannabis-related legitimate businesses in states with legalized medical or adult-use cannabis without federal liability

Safe harbor protections would prevent money laundering prosecution of proceeds from legal cannabis transactions and shield financial institutions and their officers from federal liability for providing such services

Current cannabis industry valued at $8.3 billion, projected to reach $25 billion by 2025; lack of banking access forces cannabis businesses to operate as cash-intensive enterprises vulnerable to criminal activity

Resolution acknowledges Alaska legalized cannabis in 2014 and prioritizes federal enforcement objectives including preventing distribution to minors, revenue to criminal enterprises, and drugged driving