After moving to legalize the use of medicinal marijuana in 2008, Michigan became the first state in the midwest to legalize adult-use recreational marijuana in 2018. The following year, voters legalized the sale of recreational cannabis products through licensed dispensaries. 

Although Michigan’s regulated cannabis market was always a well-grossing revenue source, since legalizing recreational use, numbers have soared. In 2020, the state’s regulated cannabis market grossed nearly $1 billion in sales.   

At Confia, we believe that everyone deserves access to secure, reliable, and efficient financial services, regardless of industry. We make it our mission to provide a dependable commerce platform to empower businesses operating in high-risk and emerging industries. Our dedicated team of experts is well-versed in the specific challenges faced by the cannabis industry, ensuring that you receive the support and insights necessary to thrive in the unique Michigan market.

Regulatory Compliances in the Great Lakes States

In the Great Lakes State, the tracking, reporting, and compliance of cannabis and cannabis related businesses (CRBs) is enforced by the Cannabis Regulatory Agency (CRA). The primary goal of the CRA is to establish Michigan as a national example of regulatory cannabis programs that stimulate business growth while concurrently maintaining safe and legal consumer access to cannabis (also known as marijuana (or marihuana), weed, or hemp). 

Licensing and regulating medicinal and recreational CRBs in Michigan falls under CRA jurisdiction as of 2022 when the regulator took over responsibility for the Michigan Marijuana Regulatory Agency (MRA). The CRA is also responsible for setting rules and regulations for cultivation, processing, testing, distribution, and sales.

Creating a Safe Space for Cannabis

In its pursuit of creating a national example for cannabis regulatory compliance, Michigan enforces strict quality and safety standards for cannabis products (both medicinal and recreational). These quality and safety standards enforce tests regarding potency, contaminants, pesticides, heavy metals, and more. This creates a trustworthy environment for consumers. Those purchasing regulated market marijuana products in Michigan can expect that all products on the market meet a high-quality standard. 

In creating a nationwide example of a safe cannabis market, regulatory compliances in the Great Lakes State continue to evolve as the industry grows. Regulations also continue to evolve as federal and state policy makes changes and addresses various issues unique and prevalent to the cannabis industry as a whole such as taxation, licensing, zoning, social equity, and more. 

Optimizing Your Business with Confia 

To keep up with the avidly growing regulated cannabis market in the Great Lakes State, CRBs and others operating in high-risk industries within the state must have access to streamlined, secure, and efficient commerce services. 

Confia proudly advocates for comprehensive and reliable financial services for CRBs and businesses operating in emerging and high-risk industries in Michigan. Our team of professionals is devoted to meeting your unique needs and facilitating your success. 

Our services include:

• • • Checking and savings accounts
    • Online commerce platform access
    • Payroll assistance
    • ACH payment and origination options
    • Wire services

With FDIC-eligible accounts, Confia provides an unlimited account balance for your peace of mind as you navigate the dynamic markets of the Great Lakes State.

As specialists in serving industries that have traditionally been underbanked, Confia is your trusted partner in navigating the regulatory landscape of cannabis banking in Michigan. Committed to offering secure and effective services, partnering with Confia allows you to confidently organize your business, expand payment options, and ensure compliance with ease.