Senate committee backs resolution urging Congress to pass SAFE Banking Act to let banks serve cannabis businesses

Senator Kazmaier presented Senate Joint Resolution 5 to the Senate Business and Labor Committee, urging Montana's congressional delegation to support federal legislation that would allow banks to provide routine financial services to state-legal cannabis businesses.

"This will protect our banks. This is gonna help protect these businesses because we don't want these guys just to be carrying cash," Senator Kazmaier said, framing the resolution as a safety and practical-business issue and asking the committee to approve a formal state-level request to Congress.

Jennifer Hensley, who represents Fidelity Diagnostics Laboratory, said the lack of access to normal banking has been a major barrier for several components of the cannabis industry, especially regulatory laboratories that must buy expensive equipment. "Access to commercial lending is a huge concern for this portion of the industry, and it's also a safety concern," Hensley testified.

Shane Scanlon of the Montana Independent Bankers Association urged support for SJ 5, emphasizing that banks need legal certainty and that businesses operating on large volumes of cash are crime targets. "When you have these businesses operating in all cash ... that just puts a target on their back," Scanlon told the committee.

Kate Holeowa of the Montana Cannabis Industry Association and other industry representatives added that some Montana banks have begun offering services but that a federal solution would provide uniformity and reduced compliance risk.

The committee approved the resolution in executive action by voice vote; the final tally recorded in committee business showed the measure passed 9–2.

Why it matters: The resolution itself has no regulatory effect in Montana, but it signals bipartisan state support for federal banking reform and reflects continuing industry and banking concerns about the risks and costs of all-cash operations.