The West Virginia Legislature has cleared a bill that provides a banking solution for the state’s medical cannabis program. The measure passed the Senate unamended, which sends the bill to Gov. Jim Justice.
If signed, it would create two funds. One would receive license fees, penalties and taxes associated with the program. The other fund would relate to oversight and compliance fees.
The legislation calls on the state Treasurer’s office to bid out services for those two funds. The institution may be a bank, credit union, or third party.
Earlier this session, the House Judiciary Committee adopted an amendment that would protect employees from the Treasurer’s office from federal prosecution.
Another bill related to the medical cannabis program, House Bill 2079, would create vertical integration between growers, processors and dispensaries.
That measure has passed the House but has yet to be taken up in the Senate.