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VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
On Aug. 11, 2021, the Michigan Department of Agriculture and Rural Development released a news bulletin about the upcoming change to the delta-8 THC regulation for the state of Michigan.
Back in July 2021, Governor Whitmer signed legislation to regulate delta-8 THC, which is currently being sold (untested and unregulated) in convenience stores, gas stores and tobacco/smoke shops throughout the state. Beginning Oct. 11, 2021, it will be illegal for businesses in Michigan to produce or sell delta-8 THC and related intoxicating cannabis products without licensing from Michigan’s Marijuana Regulatory Agency (MRA). The legislation categorizes all THC isomers of cannabis, including delta-8 THC, as marijuana, and updates the definitions of marijuana, THC and hemp accordingly.
Michigan financial institutions should take note of his new law to ensure businesses within their marijuana-related portfolios have complied with the new laws. Should you have questions about your regulatory compliance requirements as an institution in relation to marijuana-related banking, please contact Doeren Mayhew’s advisors today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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