The Future of Looted Cannabis Dispensaries Is Up in the Air

Industry News - Looting Dangers

The Black Lives Matter human rights movement campaigning against the systematic racism and violence towards the black community has sparked protests, riots, and even looting of popular stores. The first recreational cannabis shop in Boston, Pure Oasis, was also targeted by thieves during these city riots. However, since then, other weed dispensaries across America have been ransacked by violent looters. According to some, the thievery was organized.

The cannabis stores that were robbed amid the city riots following the murder of George Floyd are currently having severe financial issues. In fact, several businesses are unsure of their future. 

According to a report, 43 businesses located in Oregon and California were looted. As many might already know, Pure Oasis in Boston claims to have lost a whopping $100,000. Furthermore, Mission Dispensary South Shore in Chicago was “mostly destroyed,” as the company’s president claims on social media.

Unfortunately, the list of looted cannabis dispensaries does not stop there. A couple of dispensaries in the Los Angeles area were wrecked during the city riots. In fact, videos have surfaced showing people violently breaking into a popular cannabis shop in Los Angeles, Cookies Melrose. Dr. Greenthumb’s, the San Francisco weed dispensary owned by Cypress Hill’s B-Real, reported looting as well.

According to the National Cannabis Industry Association, cannabis stores are at higher risk of robbery and looting due to the lack of access to standard banking services. In fact, the majority of financial institutions, such as Mastercard and Visa, are not able to work with the weed industry, as they fear facing federal law issues. Hence, dispensaries mainly work by using cash. According to NCIA, criminals are taking advantage of this fact.

Currently, cannabis dispensaries are struggling. Unfortunately, Magnolia Wellness in Oakland was already having issues due to the rapid decline of sales because of the coronavirus pandemic. According to the owner, Debby Goldsberry, the looters wrecked and took everything, including computers, employee paychecks, and security system equipment. According to Goldsberry, she is yet unsure whether the insurance will cover the losses.

Goldberry also claims that there has been an abundance of community support for her cannabis dispensary. She claims that distributors and manufacturers want to donate products in order to help the company recover. Stay tuned for updates.