banking | Michigan Radio


photo of cannabis in a jar

Sales of recreational marijuana in Michigan have been booming. In the first six weeks after licensed dispensaries began selling the product in December, sales topped $10 million, generating around $1.7 million in tax revenue. But none of that money can legally be deposited in a bank. 

steve carmody / Michigan Radio

Marijuana businesses in Michigan hope to see progress on a federal bill that would give them the same access to banks as other businesses.  

Marijuana plants
Flickr user A7nubis /

A few state lawmakers are urging the U.S. Congress to quickly pass a law, the federal Secure and Fair Enforcement (SAFE) Banking Act of 2019, that would allow banks and credit unions to provide financial services to marijuana businesses in states where marijuana has been legalized.

Currently that's not allowed under federal law. 

steve carmody / Michigan Radio

Michigan’s attorney general is getting behind a push to change federal law to allow banks to do business with marijuana companies.

Even in states like Michigan, where marijuana is legal, marijuana remains a "cash" business.

steve carmody / Michigan Radio

Congress is considering legislation that would allow Michigan banks to work with marijuana businesses.

Federal law currently prohibits banks and credit unions from handling money for cannabis businesses.