Michigan: State wants to help marijuana businesses find an alternative to banks - Cannabis News

The state is looking for ways to help medical marijuana businesses that are having trouble finding a bank or a credit union.

Rick Johnson chairs the state medical marijuana licensing board.

He says most financial institutions won’t work with marijuana-related businesses because the drug remains illegal at the federal level.

He says that means the businesses don’t have checking accounts and can’t easily handle electronic transfers.

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Rick Pluta ~ MichiganRadio.org ~