Cannabis Business Banking in Michigan

Last updated: September 17, 2026

Key Points

• Michigan cannabis businesses can access specialized banking services, including checking accounts, cash deposits, ACH, wires and online banking.
• Michigan imposes a 24% wholesale tax on certain adult-use marijuana transactions, in addition to the existing 10% retail excise tax and 6% sales tax.
• The Michigan Cannabis Regulatory Agency maintains a business resource directory with financial institutions serving cannabis applicants and licensees.
• Medical and adult-use marijuana have different federal tax treatment, especially under Section 280E.
• Hemp and compliant CBD businesses generally have broader banking access than marijuana businesses.

What Michigan Cannabis Businesses Need to Know

Michigan cannabis companies are not required to operate entirely outside the banking system. Financial institutions that accept marijuana-related businesses may provide checking accounts, cash-management services, ACH transfers, wires, online banking and other financial tools.

Michigan is also unusual because the Cannabis Regulatory Agency maintains a business resource directorythat specifically identifies banks and financial companies serving cannabis applicants and licensees. The directory currently includes institutions advertising marijuana-related business accounts and cannabis payment or banking services.

For operators in 2026, banking has become even more important because Michigan added a 24% wholesale tax on certain adult-use marijuana transactions while retaining its existing 10% retail marijuana excise tax and 6% sales tax.

Michigan's 2026 Marijuana Tax Structure Makes Cash Flow Critical

The biggest financial change for Michigan cannabis businesses this year is the state's new wholesale marijuana tax.

Beginning January 1, 2026, Michigan imposed a 24% excise tax on the wholesale price of certain adult-use marijuana sales and transfers. The tax generally applies at the first transfer from a grower, processor or other qualifying wholesaler to a retail licensee.

This is separate from the taxes charged at retail.

Michigan Treasury states that the 24% wholesale tax applies in addition to the 10% retail excise tax and 6% sales tax, although the taxes are imposed at different stages of the supply chain.

For wholesalers, the rule creates a particularly important cash-flow issue: the wholesaler is legally responsible for paying and remitting the wholesale tax even when it passes the cost along to the retailer. Treasury's guidance also explains that an uncollectible receivable does not eliminate the wholesaler's tax liability.

That makes reliable banking, tax reserves, reconciliation and treasury management especially important for Michigan growers and processors selling into the adult-use retail market.

The tax has also faced legal challenges, but Michigan Treasury continues to administer and collect it as of September 2026.

What Can a Cannabis Bank Account Do for a Michigan Business?

A cannabis-compatible financial institution may provide much more than a place to deposit revenue.

Depending on the bank and the business, available services can include:

• business checking
• cash deposits
• ACH transfers
• domestic wires
• online banking
• bill pay
• remote deposit
• treasury-management services
• business debit cards
• certain lending products

The exact services vary by institution.

FinCEN's marijuana banking guidance allows individual financial institutions to decide whether serving marijuana-related businesses fits their risk tolerance and compliance capabilities. Banks that accept these businesses are expected to conduct enhanced due diligence, including verifying state licenses, understanding expected activity and monitoring transactions.

How Michigan Dispensaries Handle Customer Payments

Having a legitimate cannabis bank account does not automatically mean every conventional payment method is available at checkout.

Cash

Cash remains an important payment method for Michigan dispensaries.

A cannabis-friendly bank can help operators move that cash into the financial system through approved deposit and cash-management arrangements rather than keeping excessive amounts at the licensed premises.

Depending on the institution, this may include:

• branch deposits
• armored cash transportation
• secure pickup
• cash recyclers
• other managed deposit options

Debit Payments

Some Michigan retailers may offer approved debit or account-based payment products.

The important issue is whether the payment provider and financial institution know they are processing cannabis transactions and expressly permit the activity.

A business should not assume that a terminal is compliant simply because a transaction successfully processes.

ACH and Pay-by-Bank

ACH and account-to-account payments can provide another electronic option.

Possible services include:

• ACH
• pay-by-bank
• eCheck-style transfers
• account-to-account payments
• QR-initiated bank payments

These options can also be useful for online orders or delivery where the payment company specifically supports cannabis businesses.

Credit Cards

Michigan legalization does not automatically make ordinary credit-card processing available for marijuana purchases.

Card acceptance depends on the acquiring bank, processor and payment network. A marijuana business should use only a provider that has approved the actual nature of the merchant and its transactions.

Cannabis sales should never be disguised as another type of retail purchase to obtain payment processing.

Michigan Gives Cannabis Businesses an Unusual Banking Resource

Michigan businesses have an advantage that cannabis operators in many other states do not: the CRA itself publishes a Business Resource Directory with financial resources for cannabis businesses.

The financial section identifies banks and other providers that state they offer banking or lending services to marijuana applicants and licensees. For example, the CRA directory currently lists Community Choice Credit Union, G.W. Jones Exchange Bank and Union Bank among its banking resources.

This does not mean every listed institution will accept every cannabis business.

Eligibility can still depend on:

• license type
• ownership
• business location
• expected cash deposits
• sales volume
• regulatory history
• medical versus adult-use activity
• affiliated businesses
• hemp or cannabinoid products sold

Cannabis businesses should verify current terms directly with each institution.

Recommended Banking Option for Michigan Cannabis Businesses

Lighthouse Biz Solutions

Lighthouse Biz Solutions, a wholly owned subsidiary of GFA Federal Credit Union, provides banking services for cannabis businesses operating in Michigan and other states it serves. The company supports cannabis license holder types across the states in which it operates and recommends establishing a banking relationship early in the licensing process to help centralize operating expenses and maintain financial transparency.

Its cannabis banking services include:

• business banking and cash deposits
• ACH and wire transfers
• online banking and mobile deposit
• remote deposit
• sweep and escrow accounts
• cash courier support

During onboarding, Michigan cannabis businesses may need to provide documents such as an EIN, formation documents, operating agreement, lease or deed, identification, and beneficial ownership information for owners holding 10% or more.

Lighthouse states that cannabis banking requirements are generally similar from state to state, although Michigan licensing rules, ownership disclosures, seed-to-sale tracking requirements, and other operational regulations can affect the documentation and compliance process. Its banking approach focuses on verifying licensure, conducting due diligence, monitoring account activity, and maintaining ongoing compliance.

The company also offers financing options for cannabis businesses, including commercial real estate loans, equipment loans, and an MRB line of credit.

Other Financial Institutions Serving Michigan's Cannabis Market

• Are you a Michigan bank offering services to cannabis-related businesses? Get added to this list.

Why Michigan Banks Care About CRA Licenses and Metrc

Michigan's Cannabis Regulatory Agency licenses and regulates the state's adult-use establishments and medical marijuana facilities.

Banks serving these businesses may verify that licenses remain active and that account activity is consistent with the company's approved operations.

Michigan also uses Metrc as its statewide seed-to-sale marijuana tracking system. Plants and wholesale packages are tracked through serialized tags and inventory records as cannabis moves through cultivation, processing and retail sale.

For a bank, Metrc and related records can help explain whether deposits and revenue align with reported cannabis activity.

A financial institution may request:

• CRA license information
• municipal approvals
• ownership records
• sales reports
• Metrc data
• POS reports
• inventory information
• tax returns
• bank statements
• expected monthly cash volume

Michigan marijuana licensees are also subject to CRA financial-statement requirements. The CRA states that medical and adult-use licensees must submit an Annual Financial Statement every three years or on a shorter schedule if required by the agency.

Medical and Adult-Use Cannabis No Longer Have the Same Federal Tax Profile

Michigan has both medical marijuana facilities and adult-use marijuana establishments, but those two markets should no longer automatically be treated as identical for federal tax purposes.

In April 2026, federal action moved marijuana subject to qualifying state medical-marijuana licenses into Schedule III. Adult-use marijuana outside the scope of that order remains under different federal treatment.

That distinction affects Section 280E.

Section 280E in Michigan

Section 280E generally prevents businesses trafficking in Schedule I or Schedule II controlled substances from deducting many ordinary federal business expenses.

For qualifying medical-marijuana activity moved to Schedule III, that Schedule I/II basis can change. Treasury and the IRS have said the 2026 medical-marijuana rescheduling is expected to have significant federal tax consequences and that additional guidance will address implementation.

Adult-use marijuana continues to face Section 280E concerns at the federal level.

Michigan, however, already provides a state-level advantage to qualifying adult-use operators.

Michigan Treasury explains that licensed adult-use marijuana establishments may deduct ordinary and necessary business expenses on their Michigan tax returns that would otherwise be disallowed federally under §280E. In effect, Michigan decouples qualifying adult-use businesses from §280E for state income-tax purposes.

This creates an unusual situation:

Businesses operating across medical and adult-use markets should maintain records that clearly identify which income and expenses belong to each activity.

Hemp and CBD Businesses Have a Different Banking Profile

Michigan treats industrial hemp separately from marijuana.

The Michigan Department of Agriculture and Rural Development regulates hemp cultivation, while the Cannabis Regulatory Agency oversees hemp processing and processor-handler licensing.

Michigan generally requires a processor-handler license for businesses processing, handling, brokering or marketing industrial hemp.

Banks may view compliant hemp and non-intoxicating CBD companies as lower-risk than marijuana businesses, but underwriting can still include:

• hemp registrations
• processor-handler licenses
• certificates of analysis
• THC test results
• supplier information
• product labels
• sales channels
• e-commerce activity

Product composition matters.

In August 2026, for example, Michigan CRA suspended a hemp processor-handler license after investigators found products with delta-9 THC concentrations exceeding the legal hemp threshold.

That illustrates why banks may examine cannabinoid content and laboratory records before accepting a hemp or CBD business.

Can Michigan Cannabis Businesses Get Financing?

Yes, but financing remains more limited than in many conventional industries.

Cannabis companies may find financing through:

• specialized cannabis lenders
• cannabis-friendly banks and credit unions
• equipment financing providers
• real estate lenders
• private lenders
• investors

Potential uses include:

• equipment purchases
• commercial real estate
• working capital
• expansion
• acquisitions

Michigan's CRA resource directory includes financial institutions serving cannabis applicants and licensees, making it a useful starting point when comparing options.

SBA Financing

Marijuana companies should not assume that the 2026 Schedule III treatment of qualifying medical cannabis automatically creates SBA loan eligibility.

SBA maintains separate lending requirements under SOP 50 10. Version 8 is currently effective, while Version 8.1 is scheduled to take effect October 1, 2026. Cannabis businesses should review the SBA rules in force when they apply rather than relying solely on controlled-substance scheduling.

Federally compliant hemp and CBD businesses can have broader lending options.

What to Have Ready Before Talking to a Cannabis Bank

Michigan cannabis companies can make the application process easier by organizing their compliance and financial records before contacting a bank.

Common documents include:

• EIN
• articles of organization or incorporation
• operating agreement or bylaws
• CRA license
• municipal approval
• owner identification
• beneficial ownership information
• source-of-funds records
• recent tax returns
• profit-and-loss statements
• balance sheet
• POS reports
• Metrc reports
• sales and inventory records
• vendor information
• expected monthly cash deposits
• expected ACH and wire activity

Hemp and CBD businesses may additionally need:

• hemp grower registration
• processor-handler license
• certificates of analysis
• cannabinoid testing
• supplier documentation

Frequently Asked Questions About Cannabis Banking in Michigan

Can a marijuana business have a bank account in Michigan?

Yes. Michigan cannabis businesses can obtain accounts through financial institutions willing to serve marijuana-related businesses. Michigan's CRA even maintains a directory containing financial institutions that publicly offer services to cannabis applicants and licensees.

Does a Michigan dispensary have to be cash-only?

No. A dispensary may have access to checking accounts, cash deposits, ACH, wires and approved electronic payment services. Consumer payment options are still more restricted than those available to conventional retailers.

Can Michigan dispensaries accept credit cards?

Businesses should not assume ordinary credit-card processing is available for marijuana sales. The processor, acquiring bank and payment network must permit the activity, and the transaction must be accurately identified.

Can Michigan cannabis companies use ACH?

Yes. Participating cannabis-compatible banks may allow approved companies to use ACH for payroll, vendors, taxes, rent and other business expenses. Some consumer pay-by-bank products may also use account-to-account transfers.

What is Michigan's 24% marijuana wholesale tax?

Since January 1, 2026, Michigan has imposed a 24% tax on the wholesale price of certain adult-use marijuana sales or transfers, generally when cannabis first moves from a wholesaler to a retail licensee. The tax is separate from the 10% retail marijuana excise tax and 6% sales tax.

Does the 24% wholesale tax apply to medical marijuana?

The tax is targeted at adult-use marijuana transactions. Michigan Treasury states that wholesale medical marijuana transactions are not subject to the 24% adult-use wholesale tax.

Does Section 280E apply in Michigan?

Adult-use marijuana remains subject to federal §280E concerns, although Michigan allows qualifying licensed adult-use establishments to deduct certain ordinary and necessary expenses on their Michigan returns. Qualifying medical-marijuana activity received different federal treatment beginning in 2026.

Can Michigan CBD businesses get normal bank accounts?

Generally, compliant hemp and CBD businesses have broader banking access than marijuana businesses. Banks may still review licensing, certificates of analysis, cannabinoid content and product sourcing before approving an account.

Can Michigan cannabis businesses get loans?

Yes. Cannabis-focused lenders and financial institutions may offer financing for equipment, real estate, working capital and other business needs, although underwriting is generally more restrictive than in conventional industries.

Michigan Cannabis Banking Contacts

Cannabis Regulatory Agency

Agency: Michigan Cannabis Regulatory Agency
Phone: 517-284-8599
Email: CRA-Info@michigan.gov
Mailing Address: P.O. Box 30205, Lansing, MI 48909

CRA regulates Michigan's marijuana licensees and maintains licensing, enforcement and business-resource information.

Agency: Cannabis Regulatory Agency
Phone: 517-284-8599
Email: CRA-MMMPINFO@michigan.gov
Mailing Address: P.O. Box 30083, Lansing, MI 48909

Michigan Hemp Processing

Agency: Cannabis Regulatory Agency
Phone: 517-284-0815
Email: CRA-Hemp@michigan.gov

Michigan Financial Institutions Regulator

Agency: Michigan Department of Insurance and Financial Services
Phone: 877-999-6442
Email: DIFSInfo@michigan.gov
Mailing Address: P.O. Box 30220, Lansing, MI 48909-7720

Michigan Money Transmission Regulator

Agency: Michigan Department of Insurance and Financial Services
Phone: 877-999-6442
Email: DIFSInfo@michigan.gov
Michigan money-transmission licensing is administered through DIFS and NMLS.