Sign New Mexico Banking Work Order Later

Industry sign banking new mexico work order later

there's one industry here in New Mexico with a giant target on its back the medicinal marijuana industry operators make millions every single year but they operate largely as cash only businesses and that creates a huge public safety problem tonight at four investigator crews from the metas looks at how disagreements between state and federal laws may be putting people in danger when you Mexico legalized the medical cannabis program in 2007 our state's new law was immediately at odds with federal marijuana laws well cannabis is a Schedule one drug according to the federal government and that is the most serious type of drug that they regulate as the medical marijuana industry grew and dispensaries like Pure Life started popping up around the state a big sinister problem developed what do you do with all that money Paul Stubbs is the president of the credit union Association of New Mexico this is a very serious public safety issue in New Mexico there are millions of dollars in cash flying around every week in backpacks duffel bags and storage units even I have literally heard the stories of people who have buried the money in the ground because they felt that was a safe alternative so why are huge amounts of cash being moved around New Mexico it's because technically banks can't do business with marijuana companies the federal government regulates the banking industry and right now it's technically illegal to receive any kind of money from marijuana sales the fact that there's cash flying around also invites criminal activity and with criminal activity we see more violence our communities need protection against criminal activities and having the inability to bank legal cannabis sales only contributes to that the problem extends beyond New Mexico in Nevada where the state legalized recreational marijuana and 2017 stores and Las Vegas have been robbed at alarming numbers one organized heist led to a police shooting we checked and of the 70 or so different financial institutions operating in New Mexico only one will even consider working with marijuana companies Darren white the CEO of Pure Life uses that one bank but his cash deposits come with risks and worries it's a cash business and from a public safety perspective I have no idea what we would do not just from the sake of securing the money but how do you pay your employees how do you pay your bills well I think that members of Congress need to wake up and understand that they are out of sync with the states with 33 states providing some type of legal access to cannabis the federal government is completely out of sync stole was on Capitol Hill recently lobbying for the secure and fair Enforcement Banking Act or safe act as it's commonly called the SAFE Act would allow banks to work with recreational and medicinal marijuana companies operating in states that have approved the sale of legal pot just last week the legislation had its first hearing in the Senate and it does seem like many senators understand the dangers posed by a cash-only business let me jump back to this idea from a public safety perspective one in every two cannabis dispensaries were robbed or burglarized with the average thief walking away with anywhere from 20,000 to $50,000 innocent theft marijuana executives like Darren white can only hope that Congress will pass a bill that would increase safety for his business and his employees and give banks peace of mind that the hammer of the federal government won't fall on them if they offer loans or credit to a dispensary right now really what we just want is the comfort and stability to know that tomorrow morning we have a place to do banking for us that's the most we can ask press ramidus Thor investigates