CHARLESTON, W.Va. — Gov. Jim Justice signed House Bill 2538 into law Tuesday, which will ensure West Virginia remains in compliance with federal law while handling funds associated with the state’s medical cannabis program.
To achieve that goal, the bill allows the state treasurer to select one or more financial institutions through a competitive bidding process to provide banking services for the fees, penalties and taxes collected in association with West Virginia’s medical cannabis program.
It also establishes the Medical Cannabis Program Fund, which will be used for the collection and sending of those funds as authorized under the West Virginia Medical Cannabis Act.
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