New Push for Statewide Cannabis Cash Banking System in California

New Push for Statewide Cannabis Cash Banking System in California

If passed, the California Department of Business Oversight would oversee the new system.

July 6, 2018

Metal detectors at the front door, two armed security officers nearby and video surveillance monitoring inside and outside the business are becoming necessary security measures for anyone in the marijuana retail business in the city of San Diego. 

Jay Araiza of Southwest Patient Group with a shop in San Ysidro says you can't be too prepared. “Part of our building is actually bulletproof as well,” Araiza said. 

The store and its delivery service only deal in cash, no credit cards. 

While Araiza was not comfortable discussing how much money his store deals with, he says the problems created by a cash-only business are not secret and “definitely of concern”. 

The concerns and inherent risks behind operating a cash-only enterprise are beginning to help drive forward proposed legislation efforts in Sacramento, specifically when it comes to a banking system for these businesses. 

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Top photo courtesy of Adobe Stock