Governor Supports Safe Banking Act Thu, 11 Nov 2021 06:01:48 EST
As City of Alpena officials work on modifying ordinances to accommodate recreational marijuana sales, Governor Gretchen Whitmer and a bipartisan coalition of governors from 21 states, two territories, and the mayor of the District of Columbia called on Congressional leadership to pass the Secure and Fair Enforcement Banking Act.
That would remove legal limitations and allow financial institutions to bank with state-licensed cannabis businesses. The SAFE Banking Act would prohibit a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business.
In 2018, voters made Michigan the first state in the Midwest to legalize the use of adult-use cannabis by a 56-44 percent margin, while medical cannabis use was legalized through a ballot initiative in 2008.
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