State Of Michigan Wants To Help Marijuana Businesses Find An Alternative To Banks

Photo Credit: Jae C. Hong

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.

“It’s the banks.  I’m not picking on banks.  Most financial institutes today don’t want to deal with it.”

Johnson says that means the businesses don’t have checking accounts and can’t easily handle electronic transfers.  The state medical marijuana regulating agency is meeting with vendors that might be able to help.