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 March 26, 2019, House Bill 2538 was signed into law by Governor Jim Justice to allowing bidding for financial institutions to provide banking services related to the state’s medical marijuana program.
“I think that if we allow different types of entities to act as a depository, then we are more likely to find somebody to step up and do that business,” said Delegate Mike Pushkin who co-sponsored the bill.
The new law will also establish a Medical Cannabis Program Fund for collecting fees related to the program and the Treasurer’s Medical Cannabis Fund allowing the state treasurer to collect monies for banking services.
With the passing of the bill, we anticipate the state to continue program implementation and open applications for medical marijuana businesses this year. The state will issue up to 10 grower permits, up to 10 processor permits, and up to 30 dispensary permits.
A dispensary permit requires a nonrefundable $2,500 application fee and a $10,000 registration fee for each dispensary location. A grower permit or processor permit requires a nonrefundable $5,000 application fee and a $50,000 registration fee.
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 Marijuana Business Starter 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