Following a spate of lethal robberies concentrating on marijuana retailers in Washington State, officers are stepping up their push for federal hashish banking reform—a subject that might be addressed at a roundtable subsequent week involving regulators, lawmakers, advocates and stakeholders.
The state’s Liquor and Hashish Board (LCB) mentioned that not less than three individuals had been killed throughout the span of 4 current days at three completely different Washington hashish retailers. However the difficulty isn’t distinctive to the state; crime and even some murders have occurred at authorized marijuana outlets in markets throughout the U.S., prompting advocates and lawmakers to demand federal reform to guard the trade and its employees from what they are saying are the risks of working in a cash-driven trade the place many companies have problem acquiring financial institution accounts
LCB Chair David Postman will lead the digital roundtable on Tuesday. Panelists will embrace State Treasurer Mike Pellicciotti (D), Nationwide Hashish Business Affiliation’s (NCIA) Michael Correia, state Sen. Karen Keiser (D) and different stakeholders.
“The tragic occasions of the final week and the escalation of armed robberies over the past a number of months have demonstrated the pressing want for Congress to behave,” LCB said in a press launch. “The dearth of banking companies has change into a catalyst for a really actual public security disaster in Washington State. As a result of their compelled reliance on money transactions, hashish retailers have more and more change into targets for armed robbers.”
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“This video reveals two suspects getting into the marijuana dispensary Wednesday & holding workers at gunpoint. They’re accused of stealing cash and product. Two suspects are in custody and a 3rd was killed exchanging gunfire with #Seattle police.” – @BvuePD pic.twitter.com/mllNyL3zZz
— MJ Inventory Dealer (@stock_mj) March 20, 2022
The video above reveals two individuals getting into a hashish retailer in Bellevue earlier this month and allegedly stealing cash and merchandise with employees at gunpoint. The police division mentioned in a statement that there was additionally a 3rd suspect who drove the alleged robbers by means of Seattle. Following a pursuit, two suspects had been taken into custody and a 3rd was fatally shot, according to King County prosecutors.
“To this point in 2022, reviews present that there have been over 50 robberies of hashish companies, lots of them armed, in Washington State. This surpasses the variety of robberies in all of 2021,” LCB mentioned. “The roundtable is a chance for state leaders, coverage makers, regulators and legislation enforcement to listen to straight from collaborating retailers in addition to to share info that would assist.”
The police bodycam footage above reveals one other perspective from the armed standoff between legislation enforcement and the suspects within the Bellevue theft.
“These robberies are tragic however they’re additionally preventable,” Pellicciotti, the state treasurer, told KOMO Information. “Individuals rob the place the money is. If we get money out of this trade there might be fewer robberies. These robberies are preventable and this can be a common sense method to creating our communities safer.”
The regulator-hosted roundtable will happen on March 29 and may be considered on-line or listened to through telephone.
At a current Nationwide Affiliation of State Treasurer (NAST) convention, Pellicciotti led a panel targeted on hashish banking reform and, particularly, the bipartisan Safe and Truthful Enforcement (SAFE) Banking Act that’s being sponsored by Rep. Ed Perlmutter (D-CO).
Tonight: State Treasurer Pellicciotti talks to @KING5Seattle concerning the tragic however preventable armed robberies occurring at alarming charges at Washington’s #Cannabis retail shops. WATCH NOW: https://t.co/C4dWqh6ySg #SAFEBankingAct
— WA State Treasurer (@WaTreasurer) March 18, 2022
That invoice has handed the Home in some kind six instances at this level, however it has but to advance within the Senate below Republican or Democratic management. It’s been a degree of great frustration for the sponsor and advocates, who’ve repeatedly talked concerning the public security penalties of isolating marijuana companies from the federal monetary system.
Correia, director of presidency relations for NCIA and a panelist on subsequent week’s roundtable, advised Marijuana Second that the group’s “primary precedence continues to be for Congress to cross the SAFE Banking Act with out additional delay.”
“The Senate’s inaction on banking has resulted in pointless and mindless violence and deaths in communities throughout the nation, together with in Washington State,” he mentioned. “Each day that Senate management chooses to play politics moderately than present monetary companies to the hashish trade and its workers proceed to offer ample alternative for criminals to prey on these compliant, authorized companies.”
That is precisely why I’m in DC this week to induce Congress to cross #cannabisbanking this yr. This was preventable and all of us agree on the answer. Congress can not delay in passing hashish banking reforms any longer.- MP #SAFEBankingAct https://t.co/v8hRhNrzf0
— WA State Treasurer (@WaTreasurer) March 16, 2022
Colorado Treasurer Dave Younger additionally talked concerning the “big hazard” that his state’s marijuana market faces throughout an interview with Marijuana Second this month.
“You’ve obtained massive quantities of money transferring round. And so that you’ve obtained robberies, you’ve obtained violence,” he mentioned. “And even, my understanding is, there’s been homicide in within the midst of that. Not doing one thing isn’t going to enhance that scenario.”
Perlmutter, for his half, is dedicated to getting one thing carried out earlier than his retirement. He’s even made a degree to speak about enacting the reform laws throughout committee hearings on ostensibly unrelated or wider-ranging laws, like at a current Home Guidelines Committee listening to.
Thanks! I admire the help and advocacy of @WaTreasurer and @StateTreasurers throughout the nation who proceed to push for #SAFEBanking for his or her companies and communities. https://t.co/mdxL5QDqbM
— Rep. Ed Perlmutter (@RepPerlmutter) March 15, 2022
At a current occasion hosted by the American Bankers Affiliation (ABA), the congressman mentioned that he’ll “proceed to be an actual pest, and chronic in getting this carried out” earlier than he leaves Congress.
Following the bipartisan Home passage of the banking invoice, Perlmutter mentioned he naively anticipated it “to sail by means of the Senate, which is at all times a foul assumption, as a result of nothing sails by means of the Senate.”
However he’s taken pains to construct help, together with from present Senate management that has insisted on enacting complete legalization with agency fairness provisions in place earlier than advancing a invoice considered as pleasant to the trade.
Regardless of just lately saying that he’s “assured” that the Senate will take up his invoice this session, the congressman acknowledged that whereas he’s supportive of revisions associated to legal justice reform, taxation, analysis and different points, he is aware of that “as we increase this factor, then we begin shedding votes, significantly Republican votes and we obtained sufficient votes within the Senate to do it” as is.
Perlmutter additionally introduced up the truth that Treasury Secretary Janet Yellen has addressed the federal-state marijuana banking battle and “she desires to get this off her plate and get it carried out.”
Forward of the ABA occasion, the monetary group launched a ballot that it commissioned displaying {that a} robust majority of Individuals help liberating up banks to work with marijuana companies with out dealing with federal penalties.
In the meantime, the variety of banks that report working with marijuana companies ticked up once more close to the tip of 2021, based on just lately launched federal information.
It’s not clear if the rise is said to congressional strikes to cross a bipartisan hashish banking reform invoice, however the figures from the Monetary Crimes Enforcement Community (FinCEN) sign that monetary establishments proceed to really feel extra comfy servicing companies in state-legal markets.
Some Republicans are scratching their heads about how Democrats have to date didn’t cross the modest banking reform with majorities in each chambers and management of the White Home, too. For instance, Rep. Rand Paul (R-KY) criticized his Democratic colleagues over the problem in December.
Within the interim, federal monetary regulator Rodney Hood—a board member and former chairman of the federal Nationwide Credit score Union Administration (NCUA)—just lately mentioned that marijuana legalization isn’t a query of “if” however “when,” and he’s once more providing recommendation on how you can navigate the federal-state battle that has left many banks reluctant to work with hashish companies.