Article: Bank Of America, Mastercard, NRA And Others Are Lobbying For Cannabis Banking Reform — Who Knew?

Yes exactly !

Several entities have included the Secure and Fair Enforcement Regulation (SAFER) Banking Act on their lobbying disclosures for the third quarter of 2023.

In an analysis of new Congressional lobbying disclosures, a NY-based outlet found that Bank of America (NYSE: BAC), Mastercard (NYSE: MA), the NRA, GlaxoSmithKline (NYSE: GSK) and other entities are lobbying on cannabis banking reform.

“Recently, several other noteworthy names jumped on the SAFER Act lobbying train,” wrote Alyson Martin, co-founder of Cannabis Wire and author of the report.

Cannabis Banking Reform

The SAFER Banking Act was crafted to enable legal cannabis businesses access to banks and financial institutions, which, up to now, have been off limits because cannabis is still a federally illegal substance. On Sept. 27, the SAFER Banking Act passed in the Senate Banking Committee and is expected to move to the full Senate and then to the House.

In a weekend story, Cannabis Wire noted that cannabis banking reform has attracted more congressional lobbying attention than any other cannabis legislation. Lobbyists now include the following corporations and organizations, some of which previously lobbied on cannabis banking or other related issues and have either reemerged or tweaked the language around their priorities.


The credit card company first lobbied in 2019 and 2020 on cannabis banking but stopped until this quarter when it included the SAFER Banking Act in its recent disclosure. In July, Mastercard made headlines when it prohibited all marijuana transactions on its debit cards, exacerbating already dangerous situations for cannabis dispensaries, which are obliged to do all of their business on a cash-only basis.

National Rifle Association

The NRA specifically included two lobbying disclosures, without indicating a position.

Bank Of America

BoA also included “S 2860, SAFER Banking Act, issues related to provision of financial services” in its disclosure.

A Bank of America spokesperson told Cannabis Wire that the financial institution has no comment on its lobbying disclosure and no position on the bill.

Chicago Board Options Exchange

The Chicago Board Options Exchange, the creator of the world’s first and largest options exchanges, included the SAFE Banking Act in its disclosures this year.


More lobbyists here–who-knew-3199946

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