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State of Michigan Wants to Help Marijuana Businesses Find An Alternative to Banks | Cannabis Business Times

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State of Michigan Wants to Help Marijuana Businesses Find An Alternative to Banks

The state's licensing agency is meeting with vendors who may be able to fill a financial need.

April 23, 2018

The state is trying to find ways to help medical marijuana businesses that are having trouble finding a bank or a credit union.

The state is in the process of licensing growers, transporters, and retailers that want to join the medical marijuana business.

Rick Johnson chairs the state medical marijuana licensing board. He says most financial institutions won’t work with marijuana-related businesses because the drug remains illegal under federal law.

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