MLive reports that Governor Gretchen Whitmer has joined national bipartisan for federal legislation that would make it easier for state-licensed marijuana businesses to bank their money.
Whitmer signed on with 19 governors to a letter calling on Congress to pass the Secure and Fair Enforcement (SAFE) Banking Act.
Currently, most banks will not do business with the industry because the federal government still considers marijuana illegal.
“Michiganders turned out in historic numbers in this last election to legalize the use of recreational marijuana, and we must respect the will of the voters,” Whitmer said in a statement. “There is an inherent danger for businesses operating in an all-cash business because financial institutions are unable to accept the risks and penalties associated with providing service to this industry under current law. This letter sends a clear message to Congress that our states are looking for a real solution to a real problem, and we support them to get this done.”
The MAB cautions broadcasters with regard to marijuana and CBD advertising, since they hold federal licenses. Read more on this topic here.