SAFE Banking Will End Pot’s ‘Cash-Only’ Problem – By Stanley L. Garnett (Real Clear Policy) / June 23, 2022
Like most law enforcement officials in Colorado, I initially opposed legalization of marijuana for recreational use a decade ago. I feared a crime wave, but I was wrong. Legalization freed police to concentrate on dangerous crimes and made the state safer. Taxes from cannabis sales filled state coffers to the benefit of everyone.
But one problem remains. Federal law, which continues to criminalize cannabis, prevents the banking system from accepting marijuana companies as customers. That makes cannabis a cash-only business and dispensaries a constant target for violent criminals. Robberies have become commonplace.
In Oakland, Calif., caravans of armed thieves have targeted cannabis businesses. Shootouts occurred at some of the cannabis dispensaries. Robbers fired more than 175 shots during one the robberies, authorities said.
