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Cannabis Industry

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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. 

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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

This Tuesday, the way Michigan regulates the marijuana industry will undergo a change.

On March 1st, Gov. Gretchen Whitmer (D-MI) signed executive order 2019-7. The order created the Marijuana Regulatory Agency, within the Department of Licensing and Regulatory Affairs (LARA). The agency will officially replace the Medical Marihuana Licensing Board this week.

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.

Steve Carmody / Michigan Radio

A company angling to be Michigan’s largest cannabis business harvested its first crop this week.

At Green Peak Innovations' south Lansing grow operation, hair-net wearing workers are spending this week harvesting 600 to 800 pounds of marijuana.

“We are bringing a tremendous amount of production to the market. And some of it's ready to go to the market in the next couple of weeks,” says CEO Jeff Radway.   

Radway says 50% of Michigan’s medical marijuana dispensaries have committed to carrying Green Peak’s Skymint brand. The company is also planning on opening 19 retail stores.  

steve carmody / Michigan Radio

2019 is expected to be a busy year for businesses looking to invest in Michigan’s yet to-be-regulated recreational marijuana industry.

Michigan voters approved recreational marijuana in November. Michigan is now one of nearly a dozen states that allow possession of cannabis for recreational purposes. 

People smoking marijuana
Bryce Huffman / Michigan Radio

Recreational marijuana advocates were lighting up and passing joints in Detroit after a ballot proposal passed to legalize pot.

Proposal 1 allows marijuana to be regulated like alcohol.

Michigan residents over 21 years old will soon be able to buy, possess, use, and grow marijuana.

Steve Carmody / Michigan Radio

A two-day business conference opened Tuesday in Detroit with vendors talking about growing, marketing and selling marijuana.

Next week, Michigan votes on legalizing recreational marijuana. The folks attending the Commercial Cannabis Conference and Expo are banking on Michiganders saying yes.

More than 1,500 attendees were checking out lamps, security doors, and other services at dozens of booths set up in one of the meeting halls at Cobo Center. 

A close-up shot of a cannabis plant
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On Monday, the Food and Drug Administration made history. For the first time, the agency approved a hemp-derived product for use in treating epilepsy. 

The decision comes as more and more Michigan farmers and researchers have their eye on producing hemp for commercial and medical uses. 

marijuana plant
Drew Taylor / Unsplash

CannaCon, a cannabis industry conference, starts today at the Cobo Center in Detroit.

Margeaux Bruner is the founder and CEO of Quantum Mechanic Services, which provides cannabis consulting. She joined Stateside to discuss diversity and inclusion in the marijuana industry, the path forward for legalization in Michigan, and potential legal complications that may come if voters approve it.