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‘Surge’ in Cash Only Cannabis Dispensary Robberies Across US as Banks Continue to Turn Away Businesses

Cannabis dispensaries are increasingly becoming targets for criminals due to their inability to put cash in banks.

ABC 30/40 reports that as more medical cannabis dispensaries open up across the US, ‘a surge in robberies’ is being recorded.

As US banks continue to turn cannabis businesses away, both medical and recreational, dispensaries are almost always cash only, making them lucrative targets for thieves.

While they are required by law to incorporate added layers of security, thieves are also turning to more severe measures.

A surveillance tape from Tacoma, Washington, shows thieves using their car to ram through the front facade of a store before stealing all the cash and cananbis.

“We hear from our friends in Colorado and other states that have largely cash only businesses how dangerous it is. It’s very unsafe and doesn’t allow for good record keeping,” explained Scott Latham, President and CEO of Alabama Bankers Association.

“Banks are subject to federal regulations. As long as marijuana is illegal that makes it virtually impossible for banks to be involved in relationships.”

Mr Latham’s Bankers Association is currently lobbying in favour of the SAFE Banking Act, which would prohibit federal regulators from penalising banks who chose to work with cannabis businesses.

Until this crucial legislation passes, Latham says that many banks tell him they will refuse to touch cannabis cash.

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