Cannabis is legal in most of America. But federal laws still block businesses from banks.
According to a research report conducted by New Frontier Data, the U.S. cannabis industry is projected to be a $72 billion market by 2030. Imagine that these billions of dollars are being exchanged in the marketplace but never deposited into a single financial or banking institution, because of federal laws that have not kept up.
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Consuming marijuana is limited to private places -- like your home or a friend’s home. It’s not legal to consume marijuana in your car -- even if you are a passenger -- or in public.
When sales do launch at retail stores, there will be a large variety of products to choose from. From the marijuana flower that you smoke to pre-rolled joints to vape cartridges, there are a number of ways to consume marijuana.
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Without a license system, “gray market” businesses have sprung up in Michigan Regulators have started drafting rules for the industry.
The Bureau of Marijuana Regulation has begun drafting rules and arranging staff internally to process license applications, said Andrew Brisbo, director of the Bureau of Marijuana Regulation.
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