While recreational marijuana is legal in several states, the federal government’s classification of cannabis as a Schedule I drug makes cashflow management difficult. Even though the government benefits from the profits via tax revenues from sales, federally backed banks do not allow businesses to deposit cash from cannabis sales.
Because cannabis businesses cannot make sales via federal bank-backed debit or credit cards, they are generally cash businesses. This is inefficient at best and dangerous at worst — cash attracts bad actors. In addition to risks from outsiders, internal theft is also a problem; certainly, some employees are tempted by all that untraceable cash.
How do cannabis businesses safely store and transport cash payments? States have established one or more secure locations to which retail operations can bring their cash, but some of these may be hours away from the store. Businesses that can’t afford to hire armored cars must transport cash in personal vehicles, often at great risk to the driver and passenger(s).