It's great that marijuana is now legal in Michigan, but if you own one of the stores providing the cannabis, it is very difficult to almost in possible to find a bank that will take your money.

According to WOOD, there are a lot of cost for pot shop owners and most people are not familiar with all the obstacles the entrepreneurs have to jump through in order to run their business.

Marijuana may be legal in Michigan, but its still illegal according to federal law so finding a bank is near impossible. Banks are subject to federal law in which marijuana is illegal.

Even if the business is compliant with state law it is against the law to use a bank for marijuana purposes. Basically, federal law trumps state law.

There are a few banks that have begun to work with the marijuana industry but far and few between. These banks are usually smaller state banks. Where as the big banks that are national would likely get prosecuted by the federal government.

Because there are a limited number of small banks that work with the industry most marijuana shops run a cash business and that can come with a huge risk not to mention a huge security bill to maintain the safety of the cash.

I'm sure in time more banks will become available to handle this cash flow. If there is money to be made, someone will figure out how to take it.

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