Pepi Strojanovski

West Virginia Seeks Bank to Serve Medical Cannabis Industry

The West Virginia state government is seeking a financial institution willing to work with the state’s medical cannabis industry; the director of the state’s medical program expects licensing to pick up once a bank is secured.

Full story after the jump.

The West Virginia Treasurer’s Office is now seeking a financial institution to work with the state’s medical cannabis industry with plans to have a request for proposal completed within the next month, according to a MetroNews report. The FRP is currently under legal review.

More than two years after the medical cannabis bill’s passage, sales have yet to roll out in the state, partly due to the banking issue. Jason Frame, director of the state Office of Medical Cannabis, indicated he expects licensing to pick up once a banking vendor is hired.

“Rules to accompany the Medical Cannabis Act have been filed. The structure of the office has been identified. We’ve also identified vendors to help us along in this process and we’ve been able to gain information on the medical cannabis industry overall by visiting other states.” — Frame, via MetroNews

The current law allows the state to issue 10 cultivation permits, 10 processing permits, and 30 dispensary permits; the licensing fees include $50,000 for growers and processors and $10,000 for dispensaries.

Last month, Republican Gov. Jim Justice vetoed a bill that would have allowed regional distribution for medical cannabis products, which supporters said would have helped move the program along.

Under the law signed in 2017, medical cannabis sales were set to begin July 1 but, currently, it’s not clear when products will be available to patients.

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