West Virginia mulling payment, banking options for medical marijuana companies

In advance of the launch of West Virginia’s medical cannabis industry, the state treasurer has proposed potential solutions for MMJ companies in need of payment and banking solutions to avoid operating on an all-cash basis.

According to the Charleston Gazette-Mail, Treasurer John Perdue has floated two different possibilities to Gov. Jim Justice:

• Create a third-party loop system for payments that could be used by customers and businesses.
• Establish a state-run banking system for MMJ companies.

Both options would require action by the state Legislature and support from the governor’s office, meaning they won’t to be easy – if they’re even viable.

The banking idea in particular has been tried in other states, but the only place it’s succeeded to any degree is in North Dakota, where a state-run bank founded in 1919 is still in operation. It’s unclear, however, whether that bank has been providing services to MMJ companies.

A spokesman for West Virginia’s governor told the Gazette-Mail that Perdue’s recommendations had been received and are under review. No course of action has been decided upon, however.