Albion Michgian News

Michigan AG supports Marijuana Businesses use of banks

May 9, 2019 Albion, MI (AMN) – Dana Nessel, Michigan’s Attorney General is joining a coalition that would give Michigan marijuana businesses the ability to use traditional banks. As a Schedule 1 narcotic businesses can only operate cash and aren’t allowed to deposit profits in to federally insured credit unions and banks. Nessel stated that “All legal and legitimate businesses should have a safe place to put their revenue and not have to rely on under-the-floorboard safes to store their legally earned money, Michigan expanding its market to include legal recreational sales of marijuana this year compels us to join this effort to ensure we protect Michigan businesses from becoming unnecessary targets of bad actors, keeping everyone safe in the process.” The House Financial Services Committee approved the SAFE banking Act in March and it now awaits a vote by the full House.

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