CHARLESTON, W.Va. — State Treasurer John Perdue plans to seek assistance from U.S. Treasury Secretary Steven Mnuchin regarding a banking solution for the state’s new medical marijuana program.
Banks have told the West Virginia Treasurer’s Office they are “uncomfortable” and “unwilling” to process funds related to medical cannabis in the state because the drug is against federal law.
Perdue released a statement Thursday saying he wants to send a letter to Mnuchin to ask for banking guidance for medical marijuana-related transactions. In addition, Perdue said he plans to release a Request for Information (RFI) in search of banking solutions for sales, fees, licenses, taxes and other transactions related to medical cannabis in the state.
The RFI will be released by Monday, according to a news release.
Perdue said the goal is to seek information about lawful solutions to cannabis banking functions and/or assuming associated banking risks.
“Our hope is to find a banking alternative, similar to other states that have legalized medical marijuana, in an effort to move forward with offering this option to those who need it in West Virginia,” Perdue said. “Once we have more facts, we may be able to solicit for a workable contract on behalf of the state.”
Perdue is also asking for changes at the federal level. He plans on joining at least 10 other state treasurers in sending a letter to congressional leaders to urge them to protect medical marijuana patients through legislative changes.
“The fact is that the fate of medical marijuana in West Virginia depends on how President Trump’s administration approaches the enforcement of marijuana and banking laws,” Perdue said. “At the very least, I want West Virginia to be treated like all other states that have implemented or started implementation of a medical marijuana program.”
The state has to deposit money from growers and processors, but needs vendors to process the funds. Currently, West Virginia does not have vendors on contract that are willing to take the money.
West Virginia legalized medical marijuana in April 2017. The program is set to begin in July 2019.