West Virginia Gov. Jim Justice has signed legislation allowing medical cannabis companies to access banking services in the state.
According to the bill text, it authorizes the treasurer to select financial institutions to provide services to the industry via a competitive bidding process. The banks would be able to handle medical cannabis fees and taxes paid to the state.
The legislation also creates the Medical Cannabis Program Fund in order to collect the fees, penalties and taxes; and the Treasurer’s Medical Cannabis Fund that allows the treasurer to charge fees for providing banking services to cannabis industry operators.
Read more at ganjapreneur.com
