Missouri Lawmakers Create Pathway For Cannabis Banking Access Amid Federal Talks On SAFE Act

A measure that would streamline access to banking for cannabis businesses in Missouri got the green light from House members last week, reported Missouri Independent.

The legislation under which marijuana businesses would be allowed to execute a waiver authorizing state agencies to share their licensing and inspection data with their financial institutions is now heading back to the Senate for one more vote.

S.B. 63 from state Sen. Steve Roberts (D-St. Louis) stipulates that cannabis can "request in writing that a state or local licensing authority or agency, including but not limited to the Department of Health and Senior Services or Department of Revenue, share the entity's application, license, or other regulatory and financial information with a banking institution."

Roberts, who has been pushing for policy change for years, explained during the February hearing that the legislation would enable banks or credit unions to "ensure the business is a legal cannabis business, paying taxes to the state of Missouri."

The measure is backed by the Missouri Division of Finance, the Missouri Bankers Association, Missouri Credit Union Association and the Missouri Cannabis Trade Association.

The move follows a broader push on the federal level to regulate cannabis banking. On Thursday, the U.S. Senate Banking Committee held a hearing on Thursday to discuss the Secure and Fair Enforcement (SAFE) Banking Act, which would give the cannabis industry access to traditional banking services. The bill was recently reintroduced by US Senators Jeff Merkley, D-Ore., and Steve Daines, R-Mont and US Reps David Joyce (R) and Earl Blumenauer (D). 

Missouri's Marijuana Efforts

In addition, last week, the Senate approved legislation that addressed cannabis employee background checks to include fingerprint-based checks. S.B. 40 from Sen. Holly Rehder now awaits the governor's approval.

Missouri voters legalized adult-use cannabis by approving an initiative known as Amendment 3 in November, some two years after medical cannabis sales kicked off statewide. Recreational cannabis sales began in February 2023. On May 2, combined cannabis sales hit a $1 billion milestone, according to Missouri's Division of Cannabis Regulations (MDCR).

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