Medical Cannabis products were approved for legal use in West Virginia two years ago, but have never gone on sale. Federally regulated banks did not want to accept state funds generated from medical marijuana, since it’s is still considered a Schedule 1 illegal drug at the federal level. Banks worried about prosecution.
“That’s because they are regulated by the FDIC, the Federal Deposit Insurance Company and the Federal Reserve,” said Del. Eric Nelson, Chairman, (R) Kanawha – Banking Committee.
So, House Bill 25-38 has now been introduced that will fix the banking issue. If approved, other non-federally chartered financial institutions such as creidt unions, could process medical cannabis funds.
“So what this bill did was allowed institutions that cannot currently take state deposits – credit unions and others – to take state deposits,” said Del. Eric Nelson, (R) Kanawha.
If that becomes law, people would be able to legally purchase medicinal cannabis products in West Virginia.
“The purpose is to allow people who suffer from certain conditions listed in the code, to try this type of treatment to possible ease there suffering,” said Del. Mike Pushkin, (D) Kanawha.
The bill now heads to the House Judiciary Committee:
“The Treasurer will set some rules. We’ll get some banks or financial institutions to bid on this. And hopefully by July 1, those that really need the medical treatment will be able to do so,” said Del. Eric Nelson, (R) Kanawha.
30 U.S. states and territores have approved legal medical marijuana.
The bill to fix the medical cannabis law has now passed the House Banking Committee, but it still must be passed by the whole House, the whole whole Senate and then get to the Governor. And in the world of politics, a lot can happen along the way.