Republican Gov. Jim Justice has signed legislation into law facilitating banking access to licensed medical cannabis businesses. The law takes immediate effect.
House Bill 2538, states, “The Commissioner of Financial Institutions shall not prohibit, penalize, incentivize, or otherwise impair a financial institution from providing services to a person or entity involved in a medical cannabis-related business functioning under the Medical Cannabis Act.” West Virginia legalized medical cannabis access in 2016, but the program is yet to be operational.
Federal law discourages banks and other financial institutions from engaging in relationships with marijuana-related businesses.