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Spike in NYC Smoke Shop Robberies Endangers Retail Marijuana Shops

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A recent spate of robberies at tobacco shops in Manhattan point to the dangers that could lie ahead for stores selling marijuana, with just the last few months seeing armed thieves make off with weed products, cash, and other property worth thousands, reports The City. Although the regulated cannabis industry in the U.S. generated over $20 billion in revenue last year, it is forced by federal law to rely overwhelmingly on cash transactions, posing a serious risk to public safety. Due to marijuana’s current status as a Schedule I substance, banks have largely cut off licensed sellers. Security companies that have worked with licensed marijuana businesses in other states have been working to drum up business in New York.

 

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