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Safe Banking in the Cannabis Industry

The Critical Importance of This Week's Senate Hearing

September 20, 2023
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Why We ALL Need Safe Banking

If you’ve recently visited one of our dispensaries you may have noticed that our payment options have become more limited. Although the details are complex and rooted in federal regulations, the core issue is that the cannabis industry is heavily restricted from accessing traditional banking services. This not only impacts us as a business but also poses significant risks and inconveniences for you, our valued customers and patients.

The Dangers of a Cannabis, Cash-Only Business

Operating primarily in cash may seem like a throwback to simpler times, but it's a dangerous reality for modern cannabis dispensaries and their customers. Cash transactions are far more susceptible to theft, fraud, and violent crime. The risks are twofold: dispensaries are more vulnerable to robberies, and customers are put at risk when they have to carry large amounts of cash to make purchases.

The Irony of Legislative Assumptions in the Cannabis Industry

It's often suggested that keeping cannabis businesses away from traditional banking will prevent criminal activity. The irony is rich. Both banking and the cannabis industry are heavily regulated; increased financial transparency would only make it easier to catch any "bad actors." Providing cannabis businesses access to banking would not only assure more effective oversight but also ensure that the appropriate taxes are accurately collected.

How Banking Can Benefit You

The potential benefits to consumers and patients are substantial. Secure banking would increase safety at the point of sale by reducing the amount of cash handled. Over time, it would likely also lower the cost of cannabis products. Currently, the industry faces high fees for the limited financial services it can use. With access to regular banking, these costs would likely decrease, a saving that we intend to pass on to you, the customer.

A Call to Action: The SAFE Banking Act

We're not just talking about problems here; we're advocating for solutions. That's why this week's Senate hearing on the Secure and Fair Enforcement (SAFE) Banking Act is so crucial. This bipartisan legislation aims to protect financial institutions that serve state-legal cannabis businesses from federal prosecution.

Make Your Voice Heard

Your elected officials need to hear from you. They need to understand how this issue affects people on a day-to-day basis. It's not just about the cannabis industry; it's about everyday consumers and patients who rely on these products for wellness and relief.

How You Can Take Action

  1. Contact Your Legislators: Don't just vote; vocalize why this is a critical issue for you.
  2. Engage in Community Discussions: Your voice can help shift public sentiment. Be part of the change.
  3. Stay Informed and Inform Others: Knowledge is power. The more people know, the better equipped we are to affect change.
  4. Stay Engaged: Be ready to mobilize when called upon.

Our Commitment to You

While we await changes in federal policy, we continue to work on providing you with the safest and most efficient payment options available to us. We appreciate your understanding and activism in these challenging times.

Resources:

Your participation at this pivotal moment is invaluable. Together, we can change the narrative and create a safer, more efficient environment for everyone involved.

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