Despite most states legalizing cannabis in some form, it is still federally illegal. So many banks, credit unions, and lenders refuse to conduct business with licensed cannabis companies out of fear of federal retaliation. Responding to this, lawmakers have introduced the SAFE Banking Act as bipartisan legislation that would impede federal banking regulators from intervening in a financial institution’s ability to conduct business with plant-touching cannabis companies and ancillary brands that service the industry. Legislators have attempted to pass various versions of the SAFE Banking Act over the past several years. In April 2021, the latest version passed in the House with overwhelming bipartisan support. It’s now waiting to be passed in the Senate before being signed into law by President Biden. But until the SAFE Banking Act is signed into law, many cannabis businesses and their employees cannot easily access banking services and rely on cash to operate, leaving them exposed to a variety of crimes. Small businesses are most vulnerable While large, multi-state operators (MSOs) and other big players can afford heavy security, such as armored vans to transport cash and armed guards to protect their stores; smaller shops cannot afford the same protections. Without access to traditional, some retailers have no way to recover from the damages incurred by burglaries and robberies.
420 Intel – Marijuana Industry News, 06/22/2021 20:00:00