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Michigan Attorney General joins coalition pressing for change to marijuana banking law

steve carmody
Michigan Radio

Michigan’s attorney general is getting behind apush to change federal law to allow banks to do business with marijuana companies.

Even in states like Michigan, where marijuana is legal, marijuana remains a "cash" business.

Banks and credit unions remain leery of handling money from marijuana due to federal anti-drug laws.

Michigan Attorney General Dana Nessel is part of a bipartisan coalition of attorneys general for 38 states and territories urging Congress to pass the Secure And Fair Enforcement (SAFE) Banking Act.  

The bill would allow legal marijuana-related businesses to use the federal banking system.

Supporters say changing the law would allow cannabis businesses to operate like any other legal business. 

“All legal and legitimate businesses should have a safe place to put their revenue and not have to rely on under-the-floorboard safes to store their legally earned money,” Nessel says in a written statement.

Earlier this year, the bill cleared a House committee with bi-partisan support. It’s awaiting a full House vote. The legislation’s future in the U.S. Senate is unclear.

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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