Noem Announces Plan to Implement Medical Marijuana, SDBA Supports Bill to Allow Banking of Cannabis

Gov. Kristi Noem and leadership in both chambers of the South Dakota Legislature yesterday announced a plan to implement medical marijuana in South Dakota (Initiated Measure 26). 

“We are working diligently to get IM 26 implemented safely and correctly,” said Gov. Noem. “The feasibility of getting this program up and running well will take additional time. I am thankful to our legislative leaders for helping make sure that we do this right.”

The plan would add a year of additional flexibility on the implementation timeline and create an interim committee to meet and recommend solutions before next legislative session. HB 1100 was amended to be the vehicle for the plan’s passage. Read the Governor's announcement

The SDBA initiated the introduction of HB 1203 to authorize expanded banking services for banks to engage in business with marijuana licensees and associated persons. The bill would allow South Dakota banks that are interested in banking the cannabis industry to begin to implement policies and procedures which would support their efforts. 

Yesterday, the SDBA encouraged participants of the SDBA State Legislative Day to contact their legislators and ask for their support of HB 1203, which would allow the banking industry to properly prepare for the upcoming changes regarding medical marijuana.

"HB 1203 is not an endorsement of cannabis, but rather to establish a legal pathway for banks in South Dakota to provide banking services to cannabis-related businesses if they so choose," said SDBA President Karlton Adam.

HB 1203 will be heard in the House Commerce and Energy Committee on Wednesday, Feb. 17, at 10 a.m. CST. Contact your legislator

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