Sponsors (2)
The bill lowers federal barriers to insurance and financial services for state- and tribal-authorized cannabis businesses—boosting business viability, safety, and local autonomy—but creates legal, regulatory, security, and cost risks that could increase complexity and impose new burdens on governments, financial institutions, and consumers.
State- and tribal-authorized cannabis businesses can obtain insurance and related financial services without fear of federal penalties, expanding access to risk transfer and reducing financial friction for those businesses.
Minority- and women-owned cannabis businesses could face fewer licensing and marketplace barriers if the GAO recommendations are adopted, improving opportunities for formation and growth.
Cannabis firms and their customers could rely less on cash if banking, payment, and insurance access expands, improving safety, transparency, and theft risk for businesses and communities.
Federal safe harbors for insurers could complicate anti-money-laundering and law enforcement efforts by limiting actions tied solely to insurance relationships with cannabis businesses.
Insurer entry into cannabis markets could concentrate risk or lead to higher premiums, potentially raising costs for some policyholders or exposing taxpayers to loss-related costs.
Preserving state insurance regulation while providing federal safe harbor increases regulatory and compliance complexity for insurers operating across jurisdictions, raising administrative costs.
Based on analysis of 3 sections of legislative text.
Prevents federal agencies from penalizing insurers solely for serving state- or tribal-authorized cannabis businesses and orders a GAO study on access barriers for minority- and women-owned cannabis firms.
Official title: Create a safe harbor for insurers engaging in the business of insurance in connection with a cannabis-related legitimate business, and for other purposes.
Introduced July 21, 2026 by Kevin Cramer · Last progress July 21, 2026
Creates a federal safe harbor allowing insurers to provide insurance and related financial services to businesses that are lawful under state or tribal cannabis laws without being penalized under federal law solely for that activity. It protects insurers, their officers, directors, and employees from federal liability or supervisory action based only on engaging in insurance activities connected to state- or tribal-authorized cannabis businesses. Directs the Government Accountability Office to study barriers that minority- and women-owned cannabis businesses face in obtaining licenses and access to financial services, and to report findings and recommendations to Congress.