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Obituary: Sophie Lynn Weathers-Haywood (5/6/24) | Greene County Daily World

Obituary: Sophie Lynn Weathers-Haywood (5/6/24) | Greene County Daily World
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Federal help may be on the way for Detroit's budding weed industry

Currently, financial institutions are prohibited from accepting electronic payments, cash or checks from cannabis businesses. Some cannabis entrepreneurs say this requires industry professionals to have large-scale capital on-hand. It also means entrepreneurs need access to networks to find partners that are willing to fund the initial steps of their business.
The marijuana industry has largely been a cash business in the past. The legislation would greatly change that practice as business owners would be able to apply for financing and deposit funds to larger, more traditional banking institutions.
DiLaura said he doesn’t know of any banks that currently help entrepreneurs get into the cannabis industry. ....

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