West Virginia Seeks Financial Institution to Handle Medical Marijuana Money
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West Virginia Seeks Financial Institution to Handle Medical Marijuana Money

State lawmakers passed a bill earlier this year to allow financial organizations, like credit unions, to bid for the job.

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April 22, 2019

CHARLESTON — The state Treasurer’s Office hopes to have a request for proposal (RFP) issued within the next month with the goal of hiring a financial institution to handle the money associated with the state’s medical marijuana program.

State lawmakers passed a bill earlier this year, House Bill 2538, signed into law by Gov. Jim Justice, that opens the door for additional financial organizations, like credit unions, to bid for the job. Traditional banking companies have shown lukewarm interest in handling marijuana money because of the questions surrounding the legality of marijuana nationally.

Gina Joynes, deputy treasurer/communications, told MetroNews last week the proposed RFP is under legal review. The plan is to put the RFP out and then score the proposals once they are submitted.

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