Cannabis Banking in Michigan: Market Overview and Fundamentals


Wednesday, May 26, 2021 2PM EST | 2 Hours

Last year, Michigan recorded nearly $1billion in legal cannabis sales — a dramatic increase from 2019 that is showing no signs of slowing down.  In fact, 2021 has kicked off with several record-breaking months for this emerging market.  Given this momentum, it is critical that financial institutions gain an understanding of the industry as a whole, as well as Michigan’s specific legal cannabis environment.

Accordingly, on May 26th from 2pm to 4pm, the Michigan Bankers Association and Green Check Verified will present “Cannabis Banking in Michigan: Market Overview and Fundamentals,” a complimentary, two-hour virtual presentation that arms Michigan banking professionals with the knowledge they need to engage with the legal cannabis industry in Michigan.  

Taught by Green Check Verified subject matter experts, this three part educational event covers the following topics:


Session 1: The Fundamentals of Cannabis Banking (60 minutes)

  • Essential terminology: cannabis/marijuana/hemp, THC/CBD
  • The cannabis market opportunity in the US
  • The cannabis market opportunity in Michigan
  • Defining cannabis businesses and identifying their needs
  • Federal and state cannabis law, guidance, and regulations
  • FinCEN’s 2014 marijuana banking guidance: what you need to know
  • Locating and onboarding cannabis businesses
  • Ongoing monitoring and working with your examiner


Session 2: Quantifying the Risks and Rewards (75 minutes)

We’ll review a case study, based on a Michigan financial institution that’s currently banking cannabis, and use that information to conduct both a financial modeling and risk assessment exercise. From the financial modeling exercise, you will learn to identify the products and services you can (and should) offer to cannabis businesses beyond simply accepting deposits and the costs associated with running a program. The risk assessment exercise will not only help you provide a point-in-time assessment of your readiness to bank the industry but also highlight the operational decisions that must be made when working with cannabis-related funds.

Session 3: Special Considerations in Michigan

Michigan’s legal cannabis industry comes with its own particular challenges and opportunities.  In this session, we will explore the current state of Michigan’s cannabis market; where that market is headed; and what financial institutions in Michigan need to understand to grow with this industry safely and effectively.  


  • Copies of all presentation materials
  • A cannabis banking policy template
  • A copy of the sample financial model developed during the session
  • A copy of the sample risk assessment developed during the session
  • 90-day access to a recording of both sessions


  • Board members
  • CEO
  • CFO
  • Compliance and risk officers
  • Branch operations managers
  • Business development teams
  • Lending officers
  • Marketing and communications teams

Presented By

Paul Dunford

Co-Founder, Dir. of Program Development
Green Check Verified

Paul is a co-founder of Green Check Verified, where he is the Director of Program Development. Paul oversees the development and management of compliance programs for Green Check Verified’s clients, with a focus on state-level compliance as well as compliance around federal guidance.

Stacy Litke

Director, Banking Compliance
Green Check Verified

Stacy Litke is a cannabis banking expert at Green Check Verified, who believes every cannabis business deserves the ability to bank confidently and every community bank deserves a chance to grow with that industry. Stacy has seen the financial services industry from multiple angles having experience in Retail, Lending, Operations and Technology, from the seats of Community Banker, FinTech Company and Consultant. Prior to joining Green Check, Stacy was SVP of Operations for a Massachusetts based, $900 million community bank.








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