Today West Virginia State Treasurer John Perdue informed the Governor’s General Counsel that he is researching alternative banking options to process funds related to medical cannabis in West Virginia.
State lawmakers passed legislation in 2017 legalizing medical marijuana. In January of this year, U.S. Attorney General Jeff Sessions rescinded the Cole Memo, which provided guidance on the priorities that law enforcement and prosecutors should focus their efforts concerning marijuana prosecutions. Subsequently, the State Treasurer’s Office received notice from its banking vendors that they would not accept deposits related to the sales, fees, licenses or taxes related to state sanctioned marijuana sales. Earlier this month the Treasurer’s Office notified the Governor and lawmakers of the position of the State’s banking vendors.
“Personally, I recognize the need for marijuana as a medicinal option for suffering West Virginians. I look forward to sitting down with Governor Justice and his staff to discuss lawful solutions to the current banking obstacles related to processing cannabis funds in our state,” said Treasurer Perdue.
West Virginia would be the first state to start implementation of a medical marijuana program under this new direction on the federal level.