President Donald Trump is reportedly advocating behind the scenes for a cannabis banking bill like those that have stalled in the Senate in the past.

Trump has urged members of Congress to pass a such a bill before next year’s midterm elections, The Marijuana Herald reported Wednesday (April 23), citing unnamed sources.

He is pressing for legislation similar to the Secure and Fair Enforcement Regulation (SAFER) Banking Act that has been introduced in the past, according to the report.

No cannabis banking bill has yet been filed in this session of Congress, the report said. In past sessions of Congress, cannabis banking bills have been approved by the House of Representatives and, in September 2023, the Senate Banking Committee, but have stalled in the Senate.

Trump said in a September post on Truth Social that he supports “smart regulations” having to do with marijuana and banking.

“As President, we will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws, like in Florida, that work so well for their citizens,” Trump wrote in the post.

Rep. Dina Titus, D-Nev., who was named co-chair of the Congressional Cannabis Caucus in January, said in a Jan. 2 press release that marijuana policies around banking services should be on the agenda.

“Whether it is access to banking services and regular tax treatment for cannabis businesses, veteran use of cannabis for medicinal purposes through the Veterans Administration, or pushing the federal government to reform its outdated scheduling of marijuana as a dangerous drug, there is much work to be done,” Titus said.

It was reported in April 2024 that the SAFER Banking Act would make it easier for cannabis companies to find banking services.

While more than half of all Americans live in a state that has legalized marijuana, banks won’t work with cannabis sellers because the drug is still illegal under federal law.

As a result, legitimate cannabis businesses still find themselves wondering what to do with all their cash, as it is nearly impossible for them to accept payments in anything other than cash.