Colorado Gov. Jared Polis (D) last week signed a bill to allow online sale of cannabis products. The law requires customers to provide proof of age and that purchases are picked up in person at the retailer’s physical location.
The law’s intent is to limit some of the in-person cash transactions at retailers as federal law continues to limit cannabusinesses’ access to traditional financial services, including the use of credit cards, which often makes cannabis dispensaries targets for theft.
During debate on the proposal last month, state Sen. Kevin Van Winkle (R) said, from his perspective, the bill “mainly aims” to “reduce cash in the marijuana space.”
“…Which is something that is exceedingly important to do because when there is a tremendous amount of cash in any industry, it can lead to some troubling outcomes – specifically things like robbery. It sets them up for tremendous amount of potential theft, and other things.” — Van Winkle on the House floor
The U.S. House has passed the SAFE Banking Act, which would normalize banking and financial services for state-approved cannabis companies, six times but the measure has never been approved by the Senate. The measure was reintroduced in April but has not yet received a vote in the House.
A 2022 poll by Data for Progress found that 72% of U.S. voters, including nearly two-thirds of Republicans, support giving legal cannabis companies access to traditional financial services.
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