WV searches for bank for medical cannabis program

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FILE – In this June 21, 2018, file photo, a laboratory manager holds a cannabis sample in Oakland, Calif. Utah lawmakers are expected to meet Monday, Dec. 3, and pass changes to a voter-approved ballot measure legalizing medical marijuana, a plan that was announced as a broad compromise but has since generated backlash. (AP Photo/Jeff […]

The West Virginia State Treasurer’s Office put out a request for proposal (RFP) Thursday, for a financial institution to provide banking functions for the state’s medical cannabis program.

The institutions must be able to provide “deposit, disbursement and receipt processes for funds related to the state’s Medical Cannabis Act,” according to a news release. 

Potential companies have to submit proposals to the State Treasurer’s Office by Wednesday, June 5.

The official RFP is available on the State Treasurer’s Office website. Vendors should check the website periodically for any schedule changes, according to the treasurer’s office.

The RFP award will be based on a combination of cost and determining factors outlined in the RFP solicitation documents, not just price, officials said.

After RFP submissions are received, a designated committee will evaluate and score all of the qualifying submissions. There is no set timeline for this part of the process, officials said.

Requests for information about the RFP must be directed to Wilma Harrison at wilma.harrison@wvsto.com.

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