Legal marijuana businesses in the 33 states that allow it, including Michigan, are cash-only. That’s because of the federal prohibition on marijuana, which makes it illegal for those establishments to use banks. Michigan Attorney General Dana Nessel has signed on to an effort with 21 other attorneys general from both parties to call for a change in federal law as more states approve at least medicinal marijuana. Action has been taken in the U.S. House, with a 321-103 vote to approve a bill that would grant legal marijuana businesses access to banking.
Only one Democrat voted no, and 91 Republicans joined with majority Democrats to pass the bill. Among those Republican yes votes out of Michigan were Congressman Paul Mitchell of suburban Detroit and Congressman Fred Upton of St. Joseph, while independent Justin Amash of Grand Rapids was also a yes vote. Being a cash-only business makes medical and recreational marijuana businesses potential robbery targets, and lawmakers supporting the change say it’s a public safety issue. The bill’s prospects in the Senate are uncertain, but supporters said the amount of Republican support in the House was a good sign.
