West Virginia Governor Signs Cannabis Banking Bill
"I always have and I always will fully support medical cannabis for our people who are in so much pain that their physicians deem it absolutely necessary," Gov. Jim Justice said. "I will say, adamantly, I am one hundred percent against recreational marijuana."
West Virginia Gov. Jim Justice signed House Bill 2538 into law March 26. The bill allows the state treasurer to select, by competitive bid, one or more financial institutions to provide banking services for the fees, penalties, and taxes collected in association with West Virginia's medical cannabis program. According to the governor, the new law ensures West Virginia will remain in compliance with federal law while handling funds associated with the state's medical cannabis program.
"I always have and I always will fully support medical cannabis for our people who are in so much pain that their physicians deem it absolutely necessary," Justice said. "I will say, adamantly, I am one hundred percent against recreational marijuana. But we have a lot of people and families out there who are truly hurting and if medical cannabis can help, we need to do everything we can to make life better for those West Virginians."
The bill also establishes the Medical Cannabis Program Fund, which is meant to collect and send all fees, penalties, and taxes authorized under the West Virginia Medical Cannabis Act, and it also establishes the Treasurer’s Medical Cannabis Fund, allowing the state treasurer to charge fees for providing banking services under the act, including fees for expenses incurred, oversight, and compliance. Justice signed the West Virginia Medical Cannabis Act into law in 2017.