Banking options are limited for legal marijuana businesses, but there’s a push to change that
State-licensed medical marijuana dispensaries have a problem: Many banks are wary to handle money involving a substance that's still illegal at the federal level. Governor Gretchen Whitmer has joined 18 other governors in calling on Congress to pass legislation federal government from punishing banks that accept money from marijuana businesses.
Rush Hasan is head of operations and business development at The Reef, a medical marijuana dispensary in Detroit. He breaks down the limited options licensed marijuana businesses have when it comes to banking, and what the passage of federal legislation like the SAFE Banking Act would mean for how dispensaries like his do business.