2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
Credit unions will face a complex and busy regulatory compliance environment in 2023. With a major r ...
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John Zasada, Compliance Consulting Director, Financial Institutions Group
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.
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