MI House supports federal act to protect banks doing business with marijuana firms

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates. Make informed decisions.

Michigan House legislators adopted a resolution that asks the U.S. Congress to make laws providing protection to banks that take medical cannabis businesses as customers.

The resolution urges Congress to pass the Secure and Fair Enforcement Bank Act (SAFE Act) and notes that “because of the federal prohibition, there is an extreme risk to provide financial services to marijuana-related businesses and service providers, resulting in a cash-intensive industry,” the Detroit News reported.

For more information about the banking resolution, click here.