🌿 American Bankers Association backs SAFE Banking, Wyoming rejects rescheduling shift, and Missouri workers gain union momentum

Happy Friday Pre Rollers! Welcome to another edition of The Pre Roll, the cannabis newsletter that keeps you up-to-date on the industry happenings you need to know.

Here’s what we’re rolling up this week:

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Banking buzz. The American Bankers Association (ABA) is urging Congress to advance the bipartisan SAFE Banking Act, arguing that the legislation would provide critical legal clarity for financial institutions serving state-licensed cannabis businesses.

In a letter to congressional leaders, the ABA said the bill would allow compliant cannabis operators and related businesses, including accountants, landlords, law firms, and other service providers, to access traditional banking services without exposing financial institutions to federal penalties.

The association emphasized that keeping cannabis businesses largely cash-based creates public safety and illicit finance risks, while bringing transactions into the regulated banking system would improve transparency, strengthen anti-money laundering oversight, and help regulators identify illegal activity.

The ABA also noted that evolving federal cannabis and hemp policies have increased uncertainty for banks, making congressional action on SAFE Banking increasingly important for the industry’s financial stability and growth.

Bipartisan lawmakers in both the Senate and the House recently reintroduced the SAFE Banking Act, renewing efforts to give state-legal cannabis businesses access to traditional banking and financial services.

Schedule standoff. Wyoming will continue classifying cannabis as a Schedule I controlled substance under state law, rejecting a federal shift moving certain cannabis products to Schedule III.

The decision was made by Wyoming Attorney General Keith Kautz, who also serves as the state’s commissioner of drugs and substance control, after the state formally objected to automatically adopting the federal rescheduling change.

Officials cited the lack of a state medical cannabis program and argued that broader cannabis policy changes should come through the Wyoming Legislature rather than administrative action.

The move means cannabis products, including those that may qualify under medical programs in other states, will remain Schedule I substances in Wyoming, while existing classifications for FDA-approved cannabinoid medications remain unchanged.

For the cannabis industry, Wyoming’s decision highlights the continued divide between federal cannabis policy changes and state-level implementation, with some states choosing to maintain stricter controls despite federal movement toward reduced restrictions.

Union uprising. Missouri cannabis workers are gaining momentum in union organizing efforts, with several recent victories signaling a growing labor movement within the state’s cannabis industry.

Employees at High Profile Cannabis in Columbia unanimously ratified what is being referred to as Missouri’s first collective bargaining agreement for cannabis workers, securing improvements including higher wages and paid vacation time.

In St. Louis, post-harvest employees at Proper Brands voted to unionize, while workers at Vibe Cannabis prepared for a union election as organizers reported increased interest from cultivation, processing, and dispensary employees statewide.

The organizing efforts, led in part by United Food and Commercial Workers International Local 655, follow years of workplace disputes and legal challenges over cannabis workers’ rights to organize.

Industry observers say the developments could mark a turning point as Missouri’s cannabis workforce seeks stronger workplace protections, benefits, and a formal role in employment negotiations.

Kansas: Gubernatorial candidate Cindy Holscher is campaigning on legalizing medical and recreational cannabis, arguing that regulated sales would keep tax revenue in the state and expand access for adults.

North Carolina: The Senate approved legislation to ban intoxicating hemp products and impose stricter regulations, though the measure still awaits action in the House.

Oregon: Cannabis and psilocybin oversight will be consolidated into a single agency to streamline regulation and reduce costs.

TerrAscend targets Tri-State area with acquisition

The multistate cannabis operator signed an agreement to acquire its fifth New Jersey dispensary, expanding its retail footprint with the $9 million purchase of Aunt Mary’s in Flemington.

Canada's Best Companies 2026 (TIME): Canadian cannabis operator Aurora Cannabis came in at #95 on the second edition of the country’s top companies list.

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Stay tuned for more cannabis industry news next week!

💚,

The Pre Roll Team

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