Another Step Toward The Pot Store
Even thought I'm a "non-user", I've been fascinated with the entire process from getting the signatures needed to get legalization on the ballet, to watching the results on election day, to all of the realities coming to the forefront that have slowed the installation of legalized marijuana into the mainstream of our society. What I've come to realize is that this was a situation of, OK, it's legal so what do we do now? There seemed to be little or no infrastructure or defined policies in place to execute the transition.
Of all the things we've documented, we haven't gotten to the point where marijuana business owners have a very unusual set of circumstances when it come to actual transactions. You see, marijuana is still illegal on the Federal level and therefore banking institutions cannot be involved in the business. As is the case in other states with legal recreational marijuana, it's strictly a cash only business which presents all sorts of accounting and safety issues. Well, according to an article on abc12.com, our new Attorney General wants to allow Michigan marijuana businesses to use banks which should alleviate some of the problems. Get more information by clicking HERE.