West Virginia Bill is set to enable state-licensed medical cannabis companies to access banking services as it has passed both the state House and Senate. The bill now awaits a signature from the governor to become a law.
According to a story covered by The Parkersburg News and Sentinel, the state Senate of the state of West Virginia has passed a bill that would allow medical cannabis companies to enjoy banking services.
The Senate approved the House Bill 2538 with a 29 yes votes against 4 no votes. With the Bill passing both the Senate and the House of Representatives where it originated from, it now awaits the approval or veto by Governor Jim Justice.
Once the bill is approved, medical providers will be able to pay their state taxes and fees more easily. The national banking associations, credit unions, loan associations, bank and trust companies, as well as other financial services enterprises, would be able to bid to provide services to the cannabis industry should the governor sign the HB 2538 into law. After that, the state treasurer office selects the winner after the institution bids for the ability to offer the banking services. In addition, the bill is also expected to create a state fund that will enable growers, dispensaries and processors to submit all taxes and fees through the new system of banking.
“The bill attempts to seek to find a favorable mechanism that allows financial institutions to compete and offer financial services linked with the Virginia Cannabis Act,” clarified Charles Trump (R-Morgan), Senate Judiciary Committee Chairman while talking to The Parkersburg News and Sentinel.
When it comes to the U.S. cannabis industry, the lack of access to banking services remains a crucial issue. HB 2538 was just proposed, but there is light on the other side of the tunnel, especially with the advisory decision from the attorney general, which clarified that up to date there had been no federal action against similar programs.
In conclusion, the program is set to begin on July 1, assuming the governor signs to approve the bill.