Ryan Hale is the chief sales officer for cannabis security firm Operational Security Solutions (OSS). What that means is that Hale works with a host of big, burly ex-police/ex-military guys you wouldn’t want to meet alone in a dark alley.
Those men guard, and deposit to financial institutions, the hundreds of thousands of dollars in cash proceeds that cannabis companies daily generate but can’t process the way mainstream companies do. This problem, of course, stems from institutional nervousness over marijuana’s federally illegal status.
Enter the SAFE Banking Act (the Secure and Fair Enforcement Banking Act), which was just reintroduced in late March to the U..S. House and Senate, having previously passed the House on September 25. At this point, the legislation has bipartisan support and is widely expected to pass.
having less wealth than white businesses – could more easily borrow funds and progress toward the equity the industry seeks.
In short, the pressure on MRBs to go “cash only” could cease, reducing those businesses’ risks and making their employees a whole lot safer.
Lawmakers seem to recognize this need as more and more states go legal for both recreational and medicinal cannabis. “We can’t keep forcing legal cannabis businesses to operate entirely in cash — a nonsensical rule that is an open invitation to robbery and money laundering,” one of the bill’s co-sponsors, Sen. Jeff Merkley, D-Ore., said in a press release.
Added U.S. Rep. Earl Blumenauer, D-Oregon, in a March 18 blog post, “In the past year, Portland cannabis shops were robbed, burglarized or looted more than 100 times.”
Ryan Hale, chief sales officer at Operational Security Solutions, says the Safe Banking Act will … [+] benefit cannabis companies but that federal regulations will be needed, as