A contract for West Virginia’s medical cannabis banking program has been awarded to Element Federal Credit Union located at 3418 MacCorkle Avenue SE in Charleston. The West Virginia State Treasurer’s Office issued the final Purchase Order for the Medical Cannabis Banking Request for Proposal (RFP STO19B) late yesterday.
“We are excited to start this process and serve the citizens of West Virginia,” said Linda Bodie, Element Chief Executive Officer. “As stated in our proposal, we are prepared to file the required reports and develop the proper procedures to ensure this program is a success.”
Last week, the State Treasurer’s Office notified the entities submitting proposals that Element Federal Credit Union had been selected as the apparent winning vendor for the Medical Cannabis Banking contract. In accordance with the RFP and the Notice, each vendor had until noon on Tuesday, September 3 to file a written protest as to the award. The Treasurer’s Office did not receive any protests during that time period.
The State Treasurer’s Office will work with the vendor and the Department of Health and Human Resources’ Office of Medical Cannabis to coordinate efforts for medical cannabis banking functions. The Treasurer’s Office will begin taking check payments as soon as the permit applications are ready to be released through the Office of Medical Cannabis. Additional banking functions are expected to be added over time, including Automated Clearing House (ACH) transactions and a voucher system.