As Michigan’s recreational marijuana industry prepares to take flight, it comes with some dead weight: cash.
Businesses face a hurdle: how to get their cash into a bank account without themselves or their bank being accused of laundering money.
Efforts to start a state-run bank in Michigan fizzled out in the last legislative session.
Quietly, a handful of community banks and credit unions in Michigan are starting to bank money from medical marijuana-related businesses, according to those in the industry. And they’re not telling anyone — except for the federal government.
Full Article / Source: www.mlive.com