An all-cash segment makes the market less safe. Safety is a real issue given the amount of money moving through these retail locations, which reaches upwards of $2 million monthly in some stores. Cash creates temptation for employee theft, robberies or unauthorized discounts, compelling stores to invest in even greater security, which states already require at great expense.
Further, without access to even basic business checking accounts, cannabis retailers are forced to find secure facilities for proceeds and secure transport for the money. At tax time, some dispensaries actually drive cash to tax agencies — in certain cases as far as 300 miles away — to make payments. It is no surprise that the California State Treasurer’s Office recently concluded that the state should sponsor armored car services to pick up tax revenue from dispensaries.