Michigan court has again softened the licensing dates for Medical Cannabis Dispensaries. According to the state law, the dispensaries that did not present submit their proper documents or license within the time will have to shut down. However, the Michigan court has stopped the state from closing down the dispensaries by extending the last date for papers submission.
This is not the first time the court has declined the state decision by relaxing the rules for Cannabis Medical Dispensaries. Dispensaries will have to submit their required papers and parts by the end of this year (dated 15th December 2018) before the state to continue with their business. The state had ordered 98 medical dispensaries to shut down leaving more than 1000 people unemployed. However, after the verdict by the Michigan court, now the dispensaries can remain open and active until 15th December 2018.
As there are much lesser options available for point of banking for MMJ dispensaries in the USA, it has become more difficult for the dispensaries to buy medicines from the manufacturers and sell them to the customers. As of now, the private merchant account providers are playing an important role in the cannabis industry across the United States.
Studies show that in the recent past, the cannabis medical industry has grown massively in terms of capital formation. Many of the biggies in the capital market are investing a chunk of money in the same industry. Canada, a couple of months back has legalized adult-marijuana in the state. This will lead to more growth in the industry.
On the contrary, the marijuana banking solutions are comparatively poor as it is not being legalized by the Federal Law yet. However, the private companies are trying to provide all sorts of banking solutions to the manufacturers and dispensaries. Now dispensaries and manufacturers can have cannabis merchant accounts through which they can transact as much as the money they need for the business. As the industry involves huge cash dealing it can easily invite black marketers in the business. These merchant accounts prevent these illegal activities in the states.
As far as Michigan is concerned, there are many folds which lead to illegal activities. Some of the dispensaries receive fake shut-down letters or orders. As cannabis is still not legalized by Federal Law, it is much easier to manipulate transactions and other activities in different parts of the state. According to the latest reports, by public voting, cannabis will be legalized. In this coming November, a ballot box voting will be held. This will decide whether the adult-use marijuana will be legalized or not.
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