Virginia Law

A. As used in this section:

"Business associate" means a person that provides goods or services to, or receives goods or services from, a licensed marijuana establishment in connection with lawful marijuana-related activities.

"Financial service" includes deposit accounts, loans, lines of credit, payment processing, funds transmission, cash management services, and other services customarily provided by a bank or credit union in the ordinary course of business.

"Licensed" and "marijuana establishment" have the same meanings as provided in § 4.1-600.

B. A bank or credit union may provide financial services to a licensed marijuana establishment or its business associates, subject to applicable state and federal law.

C. A bank or credit union that provides a financial service to a licensed marijuana establishment, and the officers, directors, and employees of that bank or credit union, shall not be held liable pursuant to any state law or regulation solely for providing such a financial service or for further investing any income derived from such a financial service.

D. Nothing in this section shall require a bank or credit union to provide financial services to a licensed marijuana establishment.

E. No agency or political subdivision of the Commonwealth shall penalize, prohibit, or take adverse supervisory or regulatory action against a bank or credit union solely because the bank or credit union provides financial services to a licensed marijuana establishment.

F. A bank or credit union, and its officers, directors, and employees, shall not be subject to criminal prosecution, civil liability, or administrative sanction under the laws of the Commonwealth solely for providing financial services to a licensed marijuana establishment in compliance with this section.

G. The legal interest of a bank or credit union in collateral for a loan or other financial service provided to a licensed marijuana establishment shall not be subject to civil or criminal forfeiture under the laws of the Commonwealth solely because the collateral is associated with a licensed marijuana establishment.

H. Proceeds derived from a transaction involving a licensed marijuana establishment shall not be considered proceeds of unlawful activity under the laws of the Commonwealth solely because the transaction involves a licensed marijuana establishment.

I. The protections provided by this section apply where a bank or credit union has exercised reasonable due diligence to confirm that the marijuana establishment is duly licensed and operating in compliance with applicable Virginia law.

J. The protections of this section extend to financial services provided to a business associate of a licensed marijuana establishment where such services are provided in connection with lawful marijuana-related activities.

K. Nothing in this section shall be construed to prohibit the Commission from performing its supervisory duties pursuant to Chapters 8 (§ 6.2-800 et seq.) and 13 (§ 6.2-1300 et seq.) or taking any such action as it deems necessary to protect depositors and the public interest.

2026, Sp. Sess. I, c. 1