Cannabis Banking and Checking Accounts
The increase in demand for a “new type of green” has created a need for banking that offers specialized services. Whether you’re starting a cannabis business, already operating one, or are simply employed in the industry, Bank Michigan provides secure banking products that individuals in the cannabis industry can take advantage of.
Checking Accounts for the Cannabis Industry and Its Employees
Bank Michigan is a trusted banking partner for cannabis and marijuana-related businesses throughout Michigan. We’re able to provide you with the tools needed to take your business to the next level.
We offer checking accounts for the following types of businesses in the cannabis industry.
- Direct – State-licensed businesses that directly handle cannabis material. This includes any businesses that deal with the cultivation, production, or sale of cannabis and hemp products.
- Indirect Tier 1 – Companies that earn substantial revenue from selling their products and services to cannabis-related businesses. This can include any vendors, accountants, attorneys, or marketing departments that earn over 25% of their revenue from their association with cannabis companies.
- Indirect Tier 2 – Businesses that earn a minor portion of their revenue through selling their products and services to those in the cannabis industry. This can include any vendors, product suppliers, payroll companies, or cleaning companies that derive less than 25% of their revenue from sales to cannabis businesses.
Opening Your Bank Michigan Cannabis Checking Account
At Bank Michigan, we understand how important it is to have safe and dependable banking. With our easy application process, your company will receive regulatory compliant banking products that fit your needs. A Bank Michigan representative will work with you to determine what kind of checking account will best suit the intricacies of your cannabis business.
We offer various type of checking accounts to ensure that our services work for you. Curious to learn more about what type of checking account you need? Here is a breakdown of our four account types:
- Ancillary – Protected accounts for those that are cannabis vendors or do business within the cannabis industry, these are perfect to keep your customer information safe and secure.
- Capital Rate – For the best management of your CRB investments, we provide comprehensive Capital Rate accounts to make sure your industry-backed cannabis investments are where you need them to be.
- Direct – Our Direct Checking account gives you the option of secure online banking with all the comforts of home. Make and receive payments from anywhere and monitor your account with ease.
- Personal – We offer a Personal Checking account for those in cannabis related businesses. Whether you are a business owner, employee, or vendor, we can offer you a suite of banking services with everything you need from online banking to wire transfers.
Banking Tools for Cannabis Businesses
Strong and steady growth of your business is of the utmost importance to us. We provide banking tools and solutions that can help you excel in this thriving industry. Our cannabis banking products include:
- Cash security and courier services
- Online banking
- ACH origination
- Wire transfers
- Positive pay
Interested in opening a cannabis checking account? Apply here. Want to learn more about our products and services? Get in touch with our cannabis bankers at your nearest branch or contact us online.