LANSING, MI - It was chilly on the morning of Dec. 15., but Michigan State Police stood outside a state office building. They were there for safety, ready, as the Bureau of Medical Marihuana Regulation opened its doors, for some applicants to show up with the $6,000 application fee in cash.
Michigan lawmakers authorized a new medical marijuana industry in 2016, and the state began accepting applications to be a part of it on Dec. 15, 2017. But businesses seeking inclusion are already running into a roadblock: banks won't take their money.
"It's not that banks don't want to. It becomes a very significant risk," said Patricia Herndon, senior vice president of government affairs for the Michigan Bankers Association.
