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	<title>safe banking &#8211; Cincy Link</title>
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		<title>Could marijuana dispensaries get access to banks later this year?</title>
		<link>https://cincylink.com/2023/07/14/could-marijuana-dispensaries-get-access-to-banks-later-this-year/</link>
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		<pubDate>Fri, 14 Jul 2023 09:47:23 +0000</pubDate>
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		<category><![CDATA[dispensaries]]></category>
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					<description><![CDATA[All Joshua Chase wanted to do was have a smooth grand opening of his new cannabis dispensary — Oakanna — in Oakland, California. Instead, he got shot. "They shot and hit me with a ricochet," Chase said. "It went through the bottom of my foot," Chase added. This happened more than six weeks ago and &#8230;]]></description>
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<p>All Joshua Chase wanted to do was have a smooth grand opening of his new cannabis dispensary — Oakanna — in Oakland, California. Instead, he got shot. </p>
<p>"They shot and hit me with a ricochet," Chase said. </p>
<p>"It went through the bottom of my foot," Chase added. </p>
<p>This happened more than six weeks ago and to some degree, he wasn't surprised by it. </p>
<p>"This is just what you sign up for being in the cannabis industry," Chase said. </p>
<p>"This is just what comes with the business when you don't have banking," he said. </p>
<p>What's this lack of banking that Chase is talking about? When a typical business receives cash, the owners can easily take the money to a nearby bank and deposit it.</p>
<p>That's not the case with marijuana dispensaries. Because marijuana is still illegal at the federal level, most federally-insured banks don't accept deposits from marijuana businesses.</p>
<p>That means many dispensaries have a lot of cash on hand until they can take it to a specialized institution. For the same legal reasons, most cannot accept credit cards either. </p>
<p>In Washington state, in January and February of this year, there were 50 armed robberies of dispensaries.</p>
<p>"If we would have a banking system that was open it would only make a safer for us, it would be more efficient for us," Chase said. </p>
<p><b>NOT A NEW DEBATE</b></p>
<p>This debate is not a new one. In fact, dispensary owners for years have been saying how a lack of banking access can create dangerous conditions for employees. After years of debate on this issue, it's possible Congress addresses it this summer, however. </p>
<p>The change could come from the "Safe Banking Act" which would allow dispensaries access to federally-insured banks in states where cannabis is legal.</p>
<p>Lawmakers are attempting to include it in the Bipartisan Innovation Act, which is meant to fund science, computer chips and more. </p>
<p>Senator John Hickenlooper (D-CO) spoke about including "safe banking" during the first conference committee of the Bipartisan Innovation Act last month. </p>
<p>"Change our banking laws so the cannabis industry isn't operating in the all-cash darkness," Hickenlooper told lawmakers. </p>
<p>The legislation just might be one of the last major bills Congress passes before the election. </p>
<p>More details on whether safe baking is included in the Bipartisan Innovation Act is expected to be revealed later this summer.  </p>
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