West Virginia Medical Marijuana Sales Start Delayed Until 2021 Or 2022

Two steps forward, one back

It’s interesting to contrast differing banking news that hit this week in West Virginia and Florida.

West Virginia Gov. Jim Justice signed a medical marijuana banking bill that will allow financial institutions in the state to bid on providing banking services related to the state’s MMJ program.

But SunTrust Bank in Tallahassee, Florida, revealed it was closing the account of the Medical Marijuana Business Association of Florida on April 18.

MJBizDaily takeaway: Any moves to improve cannabis banking access are welcome, but short of federal action (click here for more on that topic), banks will remain leery of taking marijuana business customers, noted Rachel Gillette, head of the cannabis practice at the Greenspoon Marder law firm.

SunTrust’s move against the Florida MMJ association “highlights the urgency” of passing a federal banking bill, Gillette said.

In a blow to businesses hoping to quickly enter the West Virginia medical marijuana market, it could take up to three years before the new cannabis program is launched, a state official confirmed to Marijuana Business Daily.

Allison Adler, director of communications for the West Virginia Department of Health, wrote in an email to MJBizDaily that the “primary cause” behind the projected two-to-three year delay is concern over the ability of MMJ companies to secure banking services. The banking issue was addressed in recent legislation.

The state treasurer, Adler noted, recently issued a request for proposals from financial institutions interested in providing banking services to the industry. However, the proposals will “require time to evaluate and implement.”

Adler continued that “it is important to note that after a solution to the current banking issue is found, it will take time for multiple stages of the medical cannabis permitting process to be implemented.”

The whole process, she added, also requires program staffing and development, rules implementation, and registration of medical providers and patients.

Advance work already undertaken by the state should shorten this timeline, according to Adler. Still, her office estimates it will take two to three years after a fix to the banking issue before dispensaries will open.

MJBizDaily previously projected sales would start sometime in 2020.

When West Virginia’s program is up and running, it will have these business elements, according to legislation passed in May:

Up to 10 growers. Each grower may have up to two locations per permit.
Up to 10 processors.
Up to 100 dispensaries.

An individual or business is permitted to hold a grower, processor and dispensary permit, but one individual can’t hold more than 10 dispensary permits.

Before a permit is issued, the applicant must get written approval from the board of health in the county where the business is going to be located.

Original Article Source: https://mjbizdaily.com/west-virginia-medical-marijuana-sales-start-delayed-until-2021-or-2022/

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