The Michigan Chamber of Commerce said Thursday that a rash of recent break-ins at legal marijuana retailers in the state underscores the need for federal cannabis banking reform, which the group says would reduce the risks of theft and fraud that stem from the industry’s current reliance on cash.
The chamber joined the Michigan-based marijuana company Common Citizen in calling for congressional lawmakers to pass the Secure and Fare Enforcement Regulation (SAFER) Banking Act, which would remove the threat of penalties facing banks that work with state-legal cannabis businesses, whose activity remains illegal under federal law.
“With nearly 40 states having legalized or decriminalized medical cannabis, adult-use cannabis or both, today’s cannabis landscape is hardly recognizable from just a few years ago,” Leah Robinson, director of legislative affairs and leadership programming for the Michigan Chamber of Commerce, said in a statement. “It’s time to pass the SAFER Banking Act without delay so cannabis business owners and workers can access the same banking, borrowing and lending options and protections as all other legal industries.”
The release cites recent media reports of a string of break-ins and attempted break-ins to cannabis retailers in Detroit as well as warrants issued by the attorney general last spring connected with more than 20 break-ins across the state.
Common Citizen CEO Michael Elias drew attention to the effects the break-ins have on…