Marijuana Business Banking
Cannabis is currently legal for adult recreational use in 10+ states and the District of Columbia and for medical use in 30+ states. As more states legalize marijuana for medical and/or recreational use, it’s critically important that marijuana-related businesses have access to traditional banking services.
Without these basic business services, running and operating cannabis-related operations can be extremely difficult and unsafe.
According to Forbes, these are some of the consequences of lacking a traditional business banking system for the marijuana industry.
“Without banks, state-compliant cannabis businesses can’t accept credit cards, acquire loans, set up deposit accounts, write checks, run payroll or pay taxes. All this currently enables money-laundering, presents a safety hazard, and prohibits the U.S. from keeping pace with nearly all of its neighbors in the Western Hemisphere in the new commercial global cannabis economy.”
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Below are marijuana friendly business banking options in Michigan.