Amid Federal Threats, State Treasurer Pushes For Marijuana Banking Access

In the face of threats from one of the state’s federal prosecutors, West Virginia’s top fiscal official is calling on the Trump administration to clarify its position on whether marijuana growers and sellers should be able to put their profits in banks.

“I support the rights of my fellow West Virginians, and I recognize the need for medical marijuana as an option for people who are suffering,” Treasurer John Perdue said in a press release on Friday. “I want to do everything in my power to move our state toward a lawful solution; however, I want to be clear that there are real banking challenges at the federal level that my office may not be able to resolve alone.”

Because of ongoing federal criminalization of cannabis, many banks are reluctant to work with marijuana businesses that operate legally in accordance with a growing number of state laws. As a result, those entities must often operate on a cash-only basis. >>>

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