CU key to medical pot biz growth in West Virginia
Element FCU expects to become the first credit union in this state to serve the medical marijuana business. And, it expects to be the key to the growth of medical marijuana businesses here.
Element FCU has been selected by the state of West Virginia as the financial institution that will support the state’s Treasurer’s office as it works with companies approved for licenses to sell medical marijuana.
Element CEO Linda Bodie told CUToday.info the state was seeking a bank or credit union to fill the role after a bank backed out.
“We passed medical marijuana legislation over a year ago but the program has not yet started because the state Treasurer’s office banking partner backed out,” said Bodie, who explained the bank that withdrew its support did so because of concerns over working with marijuana businesses.
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