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How California's New Marijuana Laws Put Cannabis Companies at Greater Risk

Marijuana legalization laws are intended to make cannabis buying safer as consumers no longer rely on the black market. But it turns out legalization can actually put legal marijuana businesses at greater risk.

Rolling Stone recently ran an article about how California's new marijuana laws are actually putting cannabis companies at greater risk of being robbed. Since the drug is illegal at the federal level, cannabis businesses are often forbidden from putting their money into banks or other financial institutions, meaning they often have large amounts of cash on hand at any given time. You would think this would mean being an illegal business would be more dangerous, but it's not. Cannabis companies need to apply for a license with the state to operate legally, but getting a license also means your information is now public. Criminals can then look up where cannabis companies are located and begin targeting them, knowing that they often have huge amounts of money on hand.

This is particularly problematic right now in California because only a small number of marijuana operations are licensed by the state. So the lucky few who are allowed to legally operate are also the only ones with their information public, meaning there's an even greater chance that they would be targeted than if all of the state's cannabis operations were listed.

California isn't completely unaware about the problem. The state is making efforts to create banks specifically to cater to cannabis businesses, which would definitely improve security. But perhaps it would be best to make all this information private until such measures are put into place.

(h/t Rolling Stone)


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