PORTLAND, Ore. (KOIN) — With lots of cash on hand, cannabis dispensaries are becoming a major target for criminals. Experts say it hits the entire supply chain – from the growers to retail.

“People throughout the entire supply chain are not getting paid, so when there’s a robbery of this nature or a series of robberies, it takes money out of the hands of the retailers, and then it has a negative ripple effect throughout the entire supply chain all the way down to the cultivators,” Whitney Economics founder Beau Whitney said. “The industry is under economic distress right now anyway. Very few are making profit.”

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Five dispensaries throughout the Portland area were hit in armed robberies in a five-month span last year and Portland Police say one man is believed to be responsible: identified as 43-year-old Cory Jackson. Surveillance video taken shows one of the crimes carried out, as police now hope someone will know where he is.

Economists say between the taxes, labor, and then being hit by crimes like this, many in Oregon’s cannabis industry are struggling to break even or profit.

“Based upon the averages in Oregon from 2023, the average retailer makes $1.1 million,” Whitney said, adding that most, in order to profit, need to make around $2-2.5 million each year. “So already they’re behind. They’re not able to generate enough revenue to be profitable.”

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Since these businesses are such a large target for robberies, state and federal leaders are now working on legislation to give legal cannabis businesses access to banking and financial services.

“These businesses operating all in cash are really challenged by that. It’s very hard to operate in a modern economy without the electronic banking and certainly the fact that their employees might have cash can make the employees targets to be mugged,” Sen. Jeff Merkley said.

After close to a decade of trying to get forms of the now-named SAFER Banking Act through, Sen. Merkley says it just passed through committee with a strong vote for the first time. He says as more states legalize cannabis, more lawmakers are getting on board.

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“Senators that came from states that have not approved it thought, ‘hey, that’s not territory I need to wander into, not a problem in my state,’” Merkley said. “Now we’re at a different point where most of America is living in a place now that has recreational cannabis. Many other states have medicinal cannabis, so I think we have the basic numbers to get this done. We have to get the bipartisan cooperation to get it through the floor.”

As for the search for Jackson, he’s described as a 5’10” and 170 pounds and police say he often uses wigs to alter his appearance. He has multiple tattoos including one on his knuckles reading “HOME SICK.” Anyone with information is asked to contact PPB Det. Rachel Baer at rachel.baer@police.portlandoregon.gov or 503-823-0323.

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