The Oregon Liquor and Cannabis Commission (OLCC) is imploring the state’s congressional delegation to aid in the removal of federal barriers preventing legal cannabis businesses from obtaining access to banking services.
In recent correspondence to each of Oregon’s congressional representatives, the OLCC indicated the outdated approach to cannabis banking services negatively impacts the legal cannabis industry in Oregon and nationwide and represents a direct safety issue amid cannabis businesses being known to have large amounts of cash.
“Cannabis banking should be a priority,” OLCC Chair Paul Rosenbaum wrote in the letter to lawmakers. “This is certainly an achievable policy step that will save lives – now.”
The OLCC said criminal enterprises target cannabis businesses, with workers having been threatened at gunpoint, assaulted, and killed.
Additionally, cannabis business owners continually upgrade their security systems and replace smashed windows while product is often stolen or destroyed, reducing the businesses’ ability to succeed.
“Legitimate cannabis businesses, licensed by the State of Oregon, under state law, should no longer be denied access to the banking system of our country as if they are not part of the fabric of our union,” Rosenbaum concluded.
The state legislature has spearheaded efforts to work with state credit unions to provide some financial services, but the services are limited, OLCC officials said.