WV Senate approves banking fix to medical marijuana law, sends bill to governor

Be at the forefront of cannabis and psychedelics science and innovation. Register by March 14 & Save $100 on tickets to The Emerald Conference by MJBiz Science, April 1-3 in San Diego.

The West Virginia Senate has passed a bill addressing banking services for the state’s medical cannabis program, removing an obstacle that had slowed the MMJ industry’s rollout in the state.

The Senate approved the bill 29-4 on Tuesday. It now goes to the governor.

The bill would authorize the state to allow financial institutions, including credit unions, to bid on contracts to process fees and other transactions collected under the program.

Lawmakers approved the program two years ago, and it’s set to launch this summer.

The program had stalled over the question of banking services. Lawmakers said banks have been hesitant about handling such transactions.

West Virginia Attorney General Patrick Morrisey issued an opinion in January that financial institutions face risks when providing such services because medical marijuana is illegal under federal law.

Morrisey’s opinion said he’s unaware of any federal enforcement in states where medical marijuana is legal.

– Associated Press