Our great state of Michigan made medical marijuana legal in 2008, and recreational marijuana legal in 2018. Governor Whitmer is now pushing for it to be legalized on the Federal level. So far in the United States we have 18 states with legal forms of recreational marijuana, and 36 states with medical marijuana. But it’s still a schedule 1 controlled substance with the DEA.

Earlier this week the The House of Representatives passed a bill called the Secure and Fair Enforcement Banking Act. The big problem with marijuana being legalized in many states, is none of these new businesses can work with banks, due to the Federal law still making it illegal. So it’s making all dispensaries across our state and country, strictly a cash business.

The states where it’s legal are finding a steady new revenue stream by taxing the products. Here in Michigan pot sales continue to increase, with total 2021 revenues set to exceed 800 million this year. The Michigan 10% excise tax raked in 31 million for 2020, and when adding in application and licensing fees the total came out to 45.7 million. But because of strong ties to the federal government banking systems are hesitant to do business with marijuana companies.

Marijuanamoment reports

Rep. Earl Blumenauer (D-OR), co-chair of the Congressional Cannabis Caucus, said “it’s time for us to address this inconsistency, it’s time for us to pass, again, the SAFE Banking Act and it’s time for us to move forward with legalization on the federal level.” “I appreciate us being at this point—a critical first step along the path to full legalization, which I’m confident will happen this Congress, and not a moment too soon,” the congressman said.

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The House has passed this bill four different times, including last year and this year, but it stops at the senate. Senate Leader Chuck Schumer said Tuesday that the proposed legislation to end marijuana prohibition may be coming in the “near future”.
Governor Whitmer joined in with 20 other state Governors in a letter to key senators asking them to pass the Safe Banking Act.

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