State Treasurer Restricts 5 Banks Over Fossil Fuel Stance

West Virginia Treasurer Riley Moore’s office has determined that the companies are engaged in a boycott of fossil fuels.

West Virginia’s Treasurer has placed five financial institutions on a list that bars them from state banking contracts.

BlackRock, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo are now on the state’s restricted financial institutions list.

Treasurer Riley Moore’s office has determined that the companies are engaged in a boycott of fossil fuels.

The list is the result of Senate Bill 262, which became law this year. Kentucky lawmakers enacted a similar law this year.

The goal is to punish banks that are, or appear to be, refusing to finance fossil fuel energy. But most companies have goals to reduce their carbon footprint or eliminate it entirely.

Indeed, the Treasurer’s office notes that inclusion on the list is not an indication of “unsafe or unsound operating conditions at any financial institution nor any risk to consumer deposits.”

Military Medals, Abandoned Or Forgotten, Returned To Veterans And Military Families

Reforms to the state's Unclaimed Property Act allowed the treasurer’s office to eliminate a lengthy process and return these types of items directly to their rightful owners.

At a ceremony held at the Culture Center Thursday morning, State Treasurer Riley Moore returned military medals, abandoned and forgotten, in safe deposit boxes, to veterans and their families.

Reforms to the state’s Unclaimed Property Act allowed the treasurer’s office to eliminate a lengthy process and return these types of items directly to their rightful owners.

“Without these changes, prior to this bill, families would have to go through a cumbersome process,” Moore said. “They would have to settle out old safety deposit boxes with the banks, then go to a notary public to get a notarized document showing their balance had been taken care of, then they’d have to go file paperwork with my office and we could send their belongings back to them via mail.”

The ceremony honored 13 veterans from all military branches who served in wars ranging from World War II to Vietnam.

West Virginia National Guard Adj. General William Crane told the receiving families these medals had been hidden away for too long and needed a place of prominence.

“I hope that the families will display these in a really high place of honor, because they deserve to be displayed that way,” Crane said. “They don’t need to be in a safety deposit box.”

Reforms to the Unclaimed Property Act now allow the state to settle any bank fees with the owners or heirs of military medals.

W.Va. Returns $3.5 Million In Unclaimed Property Last Month

More than $3.5 million in unclaimed property was returned in West Virginia last month, state Treasurer Riley Moore said.

More than $3.5 million in unclaimed property was returned in West Virginia last month, state Treasurer Riley Moore said.

Moore said payouts are likely to go even faster if a new bill is signed and takes effect. The bill reduces paperwork required to complete unclaimed property transactions and creates an automated program for processing some claims, Moore’s office said.

“Thanks to recently passed legislation, in the coming months we will be able to streamline the claims process so our citizens can be reunited with their money as quickly as possible,” he said.

Moore’s office said it has also launched a map feature showing how much unclaimed property is available in a city or county. Users can also search by name.

Unclaimed property includes items such as financial accounts or valuables that haven’t seen any activity for a year or longer, the treasurer’s office said.

Youngest-Ever W.Va. Lawmaker Back In State Government

A former West Virginia delegate who became the youngest person elected to the Legislature in state history at age 18 is back in government.

State Treasurer Riley Moore announced Tuesday the appointment of Saira Blair as deputy treasurer for the office’s local government division. Moore and Blair served in the House of Delegates together.

Blair will oversee a staff of specialists who work on local government and constituent issues.

“When Saira was a delegate, she did a tremendous job representing the people of her district and working with them to help resolve issues with state government,” Moore said. “I know she will bring those same skills to bear in this new role.”

Blair was a senior at Hedgesville High School when she defeated incumbent Larry Kump in the May 2014 Republican primary at age 17. She received 63% of the vote in winning the November 2014 general election over a Democratic opponent.

Blair decided in 2018 not to seek a third term, opting instead to finish her college education.

West Virginia Treasurer Receives 4 Rebids on Cannabis Banking Solution

West Virginia’s medical cannabis industry may have a prospective banking solution to get around federal law. But exactly when that solution might be implemented is still up in the air.

A spokeswoman for the state Treasurer’s office says in an email they received four bids from businesses looking to handle deposits associated with West Virginia’s as-of-yet launched medical cannabis program.

Element Federal Credit Union, MVB Bank, DMTLP and JP Morgan Chase all submitted their proposals ahead of Wednesday’s deadline. 

JP Morgan Chase is a multinational bank headquartered in New York City, MVB Bank is based in Fairmont, West Virginia and Element Federal Credit Union is in Charleston, West Virginia. According to a business registration with the Secretary of State’s office, a company named Delivering Marijuana Teaming Logistic Placement LLC (DMTLP) was established in March 2016 in Glenville, West Virginia.

The Treasurer’s office says evaluations of all four proposals are now underway but they can’t release additional information until a contract is awarded. There is no timeline for the contract to be completed.

The Treasurer’s office canceled the initial bidding process in June and then re-issued a request for proposals after all five of the original offers failed to meet all the requirements. 

All four of the businesses that submitted the new bids had made offers under the original request for proposals.

The state Department of Health and Human Resources says — once a banking solution is in place — it will be another two years before the first sale of medical cannabis.

W.Va. Officials Say It Will Take Years for Medical Cannabis Sales, Advocates Call for Speedy Rollout

Despite legislation from 2017 that allowed cannabis to be legal for medical use on July 1 of this year, West Virginia officials say they’re still years away from the first sale. That’s — at least in part — because of a hangup with finding a banking solution to get around federal law. State health officials say they also have to implement permitting and licensing for patients and those who want to start businesses within the industry. 

Late last month, the West Virginia Treasurer’s Office released a statement indicating that they were canceling and then reissuing a request for proposals for a depository associated with the medical cannabis program. An initial bid returned five applications, but none of the prospective banking vendors met all of the requirements. 

Officials from the Treasurer’s Office say they are now in a blackout period and cannot comment on the bidding process until a banking vendor has been selected. 

Del. Mike Pushkin, a Democrat from Kanawha County who has championed the legalization of cannabis, says the banking solution — which was spurred along through legislation that cleared in May — should push back the timeline another few months. 

“It’s not such a big deal. These things happen a lot when we’re bidding out to vendors in state government —  that people don’t meet all of the mandatory requirements of that bid. It’s not uncommon,” Pushkin said. “What’s uncommon is that it’s a bid that we’re watching so closely.”

DHHR Says First Medical Cannabis Sale Still Two Years Away

But even if a banking vendor is awarded a contract in the next few months, officials from the state Department of Health and Human Resources say it could still be some time before cannabis is sold to patients. 

“So, the Office of Medical Cannabis, or the OMC, continues to have a goal of two years from the time a banking solution is in place for patients with a serious medical condition to be able to obtain medical cannabis,” Office of Medical Cannabis director Jason Frame said.

Frame also points out that July 1 wasn’t a deadline or mandatory “go live” date for medical cannabis in West Virginia, but rather a statutory marker that opened the door for the program. He also said DHHR has its own work to get the program off the ground. 

“We’re going to have a web-based permitting system,” Frame said. “We’re in contract right now, for the design of that system. We’re hiring staff, we’re implementing policy and procedures and designing those procedures.”

Frame also said there’s other work to do to get products in the hands of patients. 

“Industry is going to be built out. Physical buildings are going to be put in place. Of course, crops will have to be grown,” he said.

With West Virginia’s medical cannabis law currently only allowing oils, creams and other non-smokable forms of the plant, Frame said it will take some time to process the active ingredients to be consumed within the scope of the law.

“They’ll have to be then processed into sellable products,” Frame said. “Patients won’t be able to buy the leaf form a medical cannabis — that’s part of the Act. So everything that’s grown will be processed into a sellable product.”

Cannabis Advocates Question the Program

But some advocates for the program say West Virginia’s medical cannabis law is weak. 

Rusty Williams is the patient advocate on the program’s advisory board. The group — made up of health officials, law enforcement and others — reports recommendations to the Legislature and Governor’s office.

Williams has a personal connection to his role on the advisory board. After being diagnosed with testicular cancer, he sought out medical cannabis as medicine for pain relief.

“We were tasked to look at whether or not to add conditions — add or remove conditions — to the accepted conditions list. We were charged with looking at whether or not to allow patients to be able to access whole plant flower,” Williams said of the medical cannabis advisory board. “And we were tasked with whether or not to allow businesses to vertically integrate. We met those charges two years early.”

As Williams points out, the only recommendation that has been codified by lawmakers has been the vertical integration provision, which allows a single business to act as a grower, a processor and a distributor. An earlier version of the law would have limited that type of operation within the industry.

But, Williams says small improvements to a fundamentally flawed program haven’t been enough. 

While he’s called for patients to be able to grow cannabis at home and use it how they see fit, he’s frustrated that what West Virginia law does allow hasn’t yet come to fruition. 

“Why our lawmakers chose to go the route of, you know, processed pharmaceutical versions of cannabis? I have no idea. I can’t answer that,” he said. “It makes no sense to me, especially with the problems that we do have here with pharmaceuticals.”

Legalization’s Vocal Opponent in West Virginia

Williams has also been bothered by what he considers obstructionist rhetoric from one of West Virginia’s federal prosecutors.

“It’s frustrating to know that there’s only one state in the country where we have a federal prosecuting attorney actively going after the cannabis industry,” he said.

Williams is referring to U.S. Attorney for the Southern District of West Virginia Mike Stuart. 

The Trump-appointed prosecutor has been a vocal opponent of the legalization of cannabis, arguing that research is unclear on the drug’s potential benefits and drawbacks in a medical or recreational setting. But Stuart says he doesn’t make the law, he simply enforces it. 

“I think, on this whole issue of marijuana, it’s pretty clear this is an issue of public policy that’s going to be solved by public officials — whether that’s Congress or other folks who have the authority to do that. My job as a US attorney is to enforce federal law,” Stuart said.

But last month, the U.S. House of Representatives adopted an amendment to a federal appropriations bill that would prohibit the Department of Justice from interfering with state cannabis programs. The bill still needs to clear the Senate, but since December 2014 Congress has blocked the Justice Department from targeting businesses and individuals in states where cannabis is legal. 

Still yet, Stuart says he will look at things on a case by case basis and would prosecute as necessary.

“It’s not as simple as saying ‘Because it’s related to medicinal marijuana, there’s no enforcement, prescription pharmaceuticals are legal,’” Stuart said. 

“Oxycontin under the right circumstances is illegal. It is legal — however, if there is a pharmacist or a doctor that is misprescribing those drugs in a way that is not medically necessary or medically ethical, we prosecute those folks all the time. So, there’s no area of the law that says that there won’t be enforcement when there are abuses,” he added.

DHHR, Treasurer’s Office Move Forward, But Advocates Want Quicker Rollout

Regardless of Stuart saying he will keep a close eye on the rollout of the medical cannabis program, the state Treasure and the DHHR appear to be moving forward. Pushkin, though, says he hopes health officials get to work quickly in terms of permitting and licensing.

“I don’t understand why they would have to wait for the banking program to be in place for them to at least put out the applications, start issuing cards to patients,” Pushkin said. “We put something in that bill that would allow for reciprocity for patients — foreseeing that there could be some hiccups along the way.”

For now, patients here can legally acquire medical cannabis in other states — but only the forms acceptable under the West Virginia law. 

Frame and others at DHHR say they are working diligently to get their processes in place for those who want to enter the industry or use cannabis for medical purposes without traveling out of state.

“We are definitely sympathetic to their concerns. And we appreciate the support from the governor’s office — and also the hard work that’s been done in the legislature to put a workable form of the medical cannabis act out there,” Frame said. “However, it is complicated. There’s a lot of provisions and a lot of complications that go along with that process. But everyone involved has been working hard to roll out products as soon as possible.”

The state Treasurer’s office says they have shortened the bidding timeline for potential banking vendors from six weeks to four and a half weeks to expedite the process. 

Bids will be accepted through July 31.

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