New Bank In Royal Oak MI Offers Cannabis Banking
Citizens State Bank in Royal Oak opened Oct. 4 and has one cannabis account
Royal Oak has yet to decide which marijuana businesses will be allowed in the city, but a new bank on Woodward Avenue is already set to offer banking for cannabis retailers and related business owners.
Citizens State Bank, 32500 Woodward, is billed as one of only a handful of banks in the metro Detroit area to accept deposits from cannabis businesses.
There has yet to be a large rollout of such programs among other financial institutions statewide.
“Cannabis banking is a great opportunity,” said Dan Fischer, CEO of Citizens State Bank. “The reason we’ve made it part of our strategic plan is that it will be about 20 percent of our business because we think that market is underserved.”
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