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A Better Partnership

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Dec 2017
08
December 08, 2017

Medical Marihuana and the Banking Industry

On Monday, the State of Michigan issued emergency administrative rules to implement the new Medical Marihuana Facilities Licensing Act (MMFLA). The state will begin accepting applications on December 15 from those interested in obtaining a license to grow, process, transport, distribute or test medical marihuana. Understandably, those wanting to enter the medical marihuana industry are eagerly anticipating the opportunity to obtain a license.

So what does this mean for the banking industry? As it stands, there are fewer than 300 banks and 75 credit unions nationwide that will accept deposits from the marihuana industry. At a recent American Bankers Association conference, it was reported that no banks in the United States are currently lending to anyone in the marihuana industry.

Warner recently hosted a webinar on this and other topics surrounding the medical marihuana industry in Michigan. We discussed why banks and credit unions are shying away from marihuana money, alternative payment systems that are being promoted to the marihuana industry, and best practices for medical marihuana business owners who hope to obtain banking services. We also addressed the risks of federal criminal prosecution and civil forfeiture, land use regulations, taxation, insurance and corporate structuring.

Listen to our dynamic and concise “Medical Marihuana – Legal Answers to Your Tough Questions” webinar or contact Rodney Martin at rmartin@wnj.com or 616.752.2138 to uncover answers to tough questions in the banking industry and beyond.

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