As more marijuana dispensaries are targeted by robbers, SAFE Banking Act lingers in Congress

by Sarah Elbeshbishi for USA TODAY

“If the Senate passes (the SAFE Banking Act) without other comprehensive reforms, the main benefits of the Banking Act will go to big, giant corporate cannabis companies because they’ll also be able to access things like loans from banks,” DeAngelo said. “The small mom and pops or perhaps BIPOC and other folk that are not as well-resourced as corporate cannabis might not be able to get past the loan process with banks … and could cause a playing field that’s not anywhere close to level.”

Amber Senter, the co-founder of EquityWorks! Incubator, is among the many operators in Oakland, California, who fell prey to robbery. Her store, which is a shared manufacturing facility housing three operators, was broken into twice, resulting in about $20,000 in damage.

Senter said she doesn't think the SAFE Banking Act would solve her business' most acute banking issues, for many of the same reasons DeAngelo cited.

“For me as a Black operator, I don’t think that SAFE Banking helps me with insurance," Senter said. "I don’t think that it helps me get insurance. I don’t think that it helps me get a cheaper bank account." 

The SAFE Banking Act in September passed the House of Representatives for the fifth time and is awaiting Senate action, where it would need 60 votes to advance. Despite bipartisan support in the House, its Senate prospects are unclear.

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