State Treasurer submits medical marijuana banking options

West Virginia Headlines

West Virginia State Treasurer John Perdue has taken the next step toward making medical marijuana accessible in the Mountain State. 

Perdue submitted two banking options to the Governor on Thursday. 

Because marijuana is considered an illegal substance on the federal level, an FDIC cannot be used to handle transactions related to medical marijuana use. 

Therefore, Perdue has suggested legislative action that would either create a third-party loop system using outside vendors or would create a State Bank within the Treasurer’s Office, similar to the operation in North Dakota.  

“What’s unique in West Virginia is our state law kind of has this gray area where we have no way to really take in the money as a state until we clear it up legislatively, so it’s a matter of getting in there and doing that. I hope that Governor Justice sees the importance of doing so soon because we don’t want to delay the implementation of this program,” said Delegate Shawn Fluharty (D-Ohio). 

Fluharty says he is hopeful that the best banking option for the state will be written up as legislation so it could be considered at a possible upcoming interim session.

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