When trying to get off the ground, businesses in all sectors experience trials and setbacks. Those looking to enter the cannabis space are no different. However, unlike other businesses, those working in cannabis find themselves unable to access capital and other essential financial services, leaving them without key economic support and potentially vulnerable to violent crime. "As the legal adult-use cannabis program begins to come online in New York, steps must be taken to ensure that workers in the industry are set up to build a career and succeed," says John R. Durso, President of Local 338 RWDSU/UFCW and Long Island Federation of Labor, AFL-CIO.
One piece of federal legislation, the SAFE Banking Act, would help rectify this, he says. "By preventing financial institutions from withholding key financial services from cannabis businesses, this legislation would create safe and prosperous working conditions and help New York's cannabis industry thrive."
"Without access to traditional banking and financial services, cannabis businesses are forced to operate as cash-only businesses, presenting numerous economic and safety concerns."
These businesses are forced to have large amounts of cash on hand, putting targets on the backs of workers and customers alike. "We have seen several instances across the country where cannabis dispensaries experienced violent robberies. With SAFE Banking, federal restrictions on providing financial services to the legalized cannabis industry would lift; and with access to conventional banking and payroll services would allow these storefronts to operate in payment methods other than just cash. Cannabis workers, like every other business venture, deserve the same right to work in safe conditions."
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