Michigan Cannabis Loans
The FundCanna team has funded over $20 Billion to small and medium businesses nationwide. We can provide you with a Cannabis Loan in as little as 24 hours.
Applying for Cannabis Funding in Michigan a has never been easier.
Fill out the form below and have access to the capital you need in as little as 24 hours.
3 easy steps
Get access to the funding your Cannabis Business needs. FAST
Did Michigan legalize weed?
It sure did. In 2018 Michigan became the first state in the Midwest to legalize pot for recreational use. With the passage of the Michigan Regulation and Taxation of Marijuana Act, adults over the age of 21 can legally possess, grow, and consume cannabis. In early 2022, Governor Gretchen Whitmer of Lansing, MI signed an executive order that consolidated the regulation of the processing, distribution, and sale of marijuana and hemp into a single state agency: the Cannabis Regulatory Agency (CRA).
In October 2022, it was reported that the city of Detroit received 90 applications for the 60 recreational marijuana licenses available in the first round, which include licenses for dispensaries, microbusinesses and consumption lounges. Ultimately the city will issue a total of 160 licenses in three phases.
What are the steps to obtaining a license for a cannabis company in Michigan?
To apply for a Cannabis license in Michigan, applicants are required to pay a non-refundable fee of $3000. That’s just for pre-qualification. Steep, we know. After being approved, Michigan will assess an initial licensure fee. Fees vary by license type and range from $1000-$24,000.
What are the steps to obtaining a license for a cannabis company in Michigan?
To apply for a Cannabis license in Michigan, applicants are required to pay a non-refundable fee of $3000. That’s just for pre-qualification. Steep, we know. After being approved, Michigan will assess an initial licensure fee. Fees vary by license type and range from $1000-$24,000.
Would banks in Michigan lend money to a licensed marijuana company?
Don’t count on it. While cannabis is fully legal in Michigan, it’s highly unlikely that even a super legit cannabis business can borrow money from a Michigan bank. Weed is still classified as a Schedule 1 controlled substance and remains federally illegal, so most banks and credit card companies won't work with you in any capacity. But don’t stress. We got you. FundCanna can help.
We only lend money to cannabis businesses. It's all we do, and we do it better than anyone.
Michigan Cannabis Retail Laws
The interactive map below shows which municipalities in Michigan allow for Cannabis retail locations.
FAQ's
Michigan Cannabis Market Report
Michigan Cannabis Market Report Summary:
Michigan cannabis sales are made up of 40% men, 60% women. The majority(44%) are people age 45 or older, with 23% of consumers being age 35-44, 26% age 25-34, and 7% age 18-24.
The average monthly spend in Michigan is $128, and the average spend per visit is $96.
24% of consumers say they choose to purchase cannabis to relieve pain. 12% say it's to sleep better, while 11% say it's to help manage anxiety.
The types of cannabis products consumers chose to purchase were 42% flower, 36% concentrates, 11% edibles, 10% pre-rolls, and 2% 'other'.
The top 5 cannabis brands in Michigan were:
Looking for a Cannabis Loan in Michigan?
Our team is here to assist you with getting a Cannabis Loan.
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