Portland marijuana dispensaries targeted in surge of robberies

Marijuana dispensaries in Oregon's  largest city have been tageted in a surge of robberies in the last year, which some industry experts say underscores the need for banking access in the burgeoning cannabis industry.

The Portland metro area has seen 126 dispensaries robbed or burglarized since last March, according to data from the Oregon Liquor Control Commission.

"One challenge that dispensaries have is they're an all-cash business," Mark Pettinger, a spokesman for Oregon's recreational marijuana program, told Fox News in explaining why marijuana businesses are prime targets for criminals.

Because marijuana is listed as a "Schedule 1 Drug" by the federal government -- meaning it is not currently accepted for medical use and /or has a high potential for abuse -- cannabis businesses have trouble accessing bank accounts, loans, and other financial services, even in states like Oregon where the drug is legal.

"You rob the bank because that's where the money is, but that's also been true of marijuana dispensaries for quite a long time," Trevor Burrus, a research fellow at the Cato Institute, told Fox News.

Some lawmakers are currently trying to fix the financial challenges. One bill, the Secure and Fair Enforcement (SAFE) Banking Act, would prohibit "a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate marijuana- or hemp-related business."

The SAFE Banking Act has cleared the House multiple times, only to fail... (Read more)

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