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West Virginia’s Treasurer Acknowledges Banking Fix, Readying for Medical Cannabis

West Virginia’s fledgling medical cannabis program is one step closer to fruition.  West Virginia’s State Treasurer’s Office has received five bids to provide general banking and financial services on behalf of the State’s Office of Medical Cannabis (the “OMC”).  The five competing bidders are:

  • Element Federal Credit Union;

  • Paul Fairbanks IFEB;

  • MVB Financial;

  • DMTLP; and

  • JP Morgan.

While it is unknown when the State Treasurer’s Office will choose a vendor, receiving bids from financial institutions that are willing to process medical cannabis fees is a major step forward for medical cannabis in West Virginia.

In March of 2018, State Treasurer John Perdue informed the Governor, the respective leaders of the West Virginia Legislature, and various Cabinet officials that the Treasurer’s Office’s current banking vendors refused to process the permit application fees and other monies related to the State’s medical cannabis program.  Without the ability to collect fees, the OMC was and currently remains unfunded.

During the 2019 legislative session, the West Virginia Legislature passed, and the Governor signed House Bill 2538, which provided the State Treasurer’s Office with the authority to competitively bid all banking and financial services relating to the State’s medical cannabis program.

Once the State Treasurer selects a financial institution to process the application fees for medical cannabis organizations, the OMC will thereby obtain funding and an avenue for the growing, processing, and dispensing of medical cannabis in West Virginia will become available.

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About this Author

Ryan Dunne Ewing Medical Cannabis Attorney Steptoe Johnson Law Firm
Associate

Ryan Dunne Ewing represents corporate medical cannabis growers, processors, and dispensaries within West Virginia. Ryan ensures prospective medical cannabis organizations comply with the West Virginia Medical Cannabis Act and facilitates proper capital handling procedures under the Patriot and Bank Secrecy Acts.

Ryan’s practice also focuses on state and federal infrastructure development.  He regularly counsels both public and private utilities before the Public Service Commission of West Virginia, and he has experience with the funding and...

304-353-8186
Joshua Jarrell, Steptoe-Johnson Law Firm, Charleston, Finance Law Attorney
Of Counsel

Josh Jarrell concentrates his practice in public and project finance, municipal bonds and economic development. He also has a background in energy law and title-curative issues. His work throughout the region has built valuable relationships nationwide and fostered in-depth knowledge of options available to developers in West Virginia, Ohio, and Pennsylvania. Clients appreciate his focus and accessibility as much as they do his legal experience. He is the former Deputy Secretary and General Counsel at the West Virginia Department of Commerce, where he counseled the cabinet secretary, agency officials, and employees on legal issues affecting eight separate agencies.

304-353-8136