Debt and folding businesses are shaking the foundation of Michigan’s cannabis future. The multi-billion-dollar industry is trying to figure out how to stabilize a supply chain leaning on credit by introducing new rules.
Court filings have exposed millions in debt from big names in the industry, the Michigan Cannabis Regulatory Agency (CRA) has proposed denying a license or license renewal based on civil judgments or court orders resulting from unpaid debt.
Michigan Attorney General Dana Nessel voiced her support after a string of more than 20 dispensary break-ins across the state targeting safes. Nessel said the cannabis business “is left as a ripe target for criminals” without access to traditional banking institutions. Another argument for those in favor of the Safe Banking Act. The eighth iteration of the bill is currently being considered in Congress.
- Read the complete article here at MLive
- Here is the document for the proposed rules
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LEGAL ADVISORY – Rules, Regulations and laws may have changed after this information was posted. It is up to the reader to research and determine the current status of those items. It is always best to consult an attorney that has experience and is focused on the cannabis industry. One of the most well known law firms in the industry since 1993 is Komorn Law
