West Virginia Medical Marijuana Banking Still Unresolved
Ever since banking vendors on contract with the state notified State Treasurer John Purdue that they would not accept deposits related to marijuana sales, West Virginia has been seeking a banking solution before the implementation of their new medical marijuana program. Under legislation passed in 2017, medical marijuana is to become legal in West Virginia on July 1, 2019.
On May 20, 2018, House Bill 109, otherwise known as the West Virginia Medical Cannabis Banking Act, was introduced to propose a closed-loop system to accept money and payments.
The bill was pushed for immediate consideration, but the motion was rejected. The bill was then triple referenced to committees within the House.
While the bill may be considered dead, on Monday afternoon Sen. Mike Romano, D-Harrison, revealed a petition with the needed 21 signatures of senators – the three-fifths majority of Senate members required under the state Constitution to mandate the governor to convene a special session. Romano said the purpose of the petition is to get the governor’s attention and convince him that the interest for a banking bill fix is high.
“We need to have 60 percent of each chamber to sign the petition to compel a special session, but that’s really not our goal,” Romano said. “What I really want to do is demonstrate to the governor that there is real interest in this bill.”
Legislators are determined to convince the governor of the importance and urgency of this issue, so the state may make medical marijuana available to patients on time.
Interested in Starting a Medical Cannabis Business in West Virginia?
It’s best to use this time to better prepare yourself for when the state makes applications for medical marijuana business licenses available.
To educate yourself more on the application process and start drafting your application, download our West Virginia Medical Marijuana Business Application Package, which includes:
- An Informational Overview of West Virginia’s pending medical marijuana laws
- An Application Guide and Checklist which gives a detailed summary and checklist of all action items you’ll need to complete before submitting your application
- A Business Plan Template to help you start drafting the required plans and executive summary for your business
- A Financial Plan Template to give you and your investors a comprehensive 3-year projection of what you can possibly expect when selling marijuana