SD Bill allowing banks to accept money received from medical marijuana awaiting Governor’s signature

PIERRE, S.D.(WNAX)- After the legislature was unable to agree on a delay, medical marijuana will become legal on July first. Voters approved “IM26” last November, setting up the process.

The legislature did pass a bill allowing banks to handle money from medical marijuana businesses.

South Dakota Bankers Association President Karl Adam says they were heavily involved in writing that bill.

Adam says there are a lot of issues involved in the medical marijuana business.

Adam says under the law, banks can decide if they want to be involved in the marijuana business.

The state Departments of Health and Revenue are scrambling to come up with medical marijuana rules by the July first deadline.