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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.


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.

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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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