As the medicinal and recreational marijuana industries grow in Michigan, a problem that has long-plagued the industry is experiencing growth too.
While recreational pot is now legal in 10 states and medicinal use is legal in 33, marijuana is still a federally illegal substance. Since banks are federal institutions, marijuana business owners were barred from using their services.
But there are options, like PayQwick.
“PayQuick is a compliance-based payment hub for cash intensive businesses,” said the company’s president Jim Dimitriou. “We provide cash management and e-payment services to businesses throughout Michigan as well as other states throughout the country that do not have access to regular banking services.”
Currently, PayQwick is helping marijuana business owners and others who rely mainly on cash as income circumnavigate the murky waters of legally turning a profit. They work in six other states besides Michigan and are federally bonded and licensed by the state itself.
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