Pot shop customers can help protect WA cannabis retailers against robberies. Here’s how
Following the rise in cannabis store robberies in the state, the Washington State Liquor and Cannabis Board (LCB) and the Washington State Department of Financial Institutions (DFI) are promoting cashless transaction options for pot retailers and their customers.
Because cannabis is not federally approved and is still considered a Schedule 1 Controlled Substance, banking for cannabis businesses is not allowed, so they rely on cash. However, to find ways to limit risk and to reduce cash at retailers, LCB partnered with local elected leaders, law enforcement agencies and other state agencies such as DFI to discuss options.
Some retailers are already using cashless transactions that are approved by LCB and clarified under a Washington administrative rule. Under the rule, retailers have the option to partner with third-party vendors, as well as allow transactions using apps on customer’s phones, but the LCB noted that “awareness of this rule has been slow to take hold.”
On their website, DFI added a list of financial institutions that can provide cashless transaction services for retailers. Among them are Sound Community Bank, Timberland Bank, O Bee Credit Union and Sound Credit Union.
This story was originally published April 20, 2022 at 11:23 AM.
