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Congress may act soon on bill that could boost Michigan's marijuana industry

steve carmody
Michigan Radio

Marijuana businesses in Michigan hope to see progress ona federal bill that would give them the same access to banksas other businesses.  

The U.S. House of Representatives is expected to vote on the Secure and Fair Enforcement (SAFE) Banking Act in the coming weeks. The billpassed out of committee earlier this year with bi-partisan support.

The SAFE Banking Act would open up the nation’s banking industry to cannabis businesses.  

Josh Hovey is a spokesman for the Michigan Cannabis Industry Association. He says marijuana businesses currently have to operate as an all-cash basis.

“Paying employees in cash. Paying your utilities. Your taxes. All those things,” says Hovey. “It doesn’t make sense for a modern business, a modern industry to operate like we are in the 19th century.”

The bill faces an uncertain future in the Republican-controlled U.S. Senate.

Steve Carmody has been a reporter for Michigan Public since 2005. Steve previously worked at public radio and television stations in Florida, Oklahoma and Kentucky, and also has extensive experience in commercial broadcasting.
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