Medical Marijuana Banking Bill Passes West Virginia House
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Medical Marijuana Banking Bill Passes West Virginia House

The bill would allow the state to bid out banking contracts to institutions like credit unions to allow them to process the funds.

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February 18, 2019

CHARLESTON — The House of Delegates passed a bill Friday that aims to patch up a financial hole in the state's medical marijuana program, which is set to launch this summer.

The legislation (HB 2538) fills a void left when vendors informed the state treasurer's office last year of their unwillingness to process fees, penalties and taxes associated with the program. The bill passed Friday would allow the state to bid out banking contracts to institutions like credit unions to allow them to process the funds.

"Currently, none of our financial institutions are allowed or are willing to move forward with collecting deposits as it relates to serving the medical cannabis and the bill requirements before it," said House Banking and Insurance Chairman Eric Nelson, R-Kanawha.

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