Sen. Scott urges congressional action to let banks serve cannabis businesses

Sen. Tim Scott said the cannabis industry remains largely excluded from federal banking and that a legislative fix is required. "Until it becomes legal ... the banking system cannot allow access to our federal banking system," he said, adding that cash-heavy operations raise safety and criminal risks for businesses and communities.

Scott described the Safe Banking Act as the legislative path and argued Congress must resolve the legal conflict so banks can serve state-legal cannabis businesses without federal exposure. He said a mix of state- and federal policy steps will be needed and called the issue a solvable regulatory problem.

Scott also commented on consumption and public health, saying there are medical uses he acknowledged while noting stronger synthetic products present different policy questions. The interview did not present new federal action or a timeline for passage of banking protections.