CHARLESTON, W.Va. — Evaluations began Thursday at the state Treasurer’s Office of four requests for proposal submissions made by financial companies interested in handling the money the state expects to collect under the medical marijuana program.
It’s a second round of RFP submissions after none of the vendors met all of the mandatory requirements the first time around.
RFPs now under review are from Element Federal Credit Union, MVB Bank, DMTLP and JP Morgan Chase.
Treasurer’s Office Communications Director Gina Joynes said information about the specific proposals won’t be released under a contract is awarded. Joynes said there’s no definitive timeline for completion of the review.
State Treasurer John Perdue and his office modified the original RFP for the reissue with modifications including a reduction of mandatory requirements.
“While not ideal, reducing and clarifying mandatory requirements in the RFP is necessary to move forward and select a viable vendor,” Perdue said in a June statement.
State lawmakers passed a bill that became law earlier this year, House Bill 2538, that opened the door for additional financial organizations, like credit unions, to bid for the job. Traditional banking companies initially showed lukewarm interest in handling marijuana money because of the questions surrounding the legality of marijuana.
Meanwhile, the state Office of Medical Cannabis is getting things into place with plans to move forward once a financial institution is hired.
“The banking institution will house the Medical Cannabis Fund that will be a home for the permitting fees and taxes derived,” Jason Frame, director of the West Virginia Office of Medical Cannabis, previously told MetroNews.