Michigan Attorney General Dana Nessel joined a bipartisan coalition of attorneys general in urging congressional leaders to pass the SAFER Banking Act. Nessel and 32 other attorneys general from various states sent a letter to lawmakers showing their support for the long-delayed federal proposal.

The SAFER Banking Act would create new legal protections for banks and other financial institutions that choose to work with state-licensed cannabis companies. Without access to traditional banking, cannabis companies face challenges with opening accounts, applying for loans or lines of credit, and higher banking fees.

“Without access to traditional banking the cannabis industry is left as a ripe target for criminals,” Nessel said in a statement. “Any legal business should have fair access to our banking institutions for the security of their own business and employees as well as public safety.”

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