West Virginia CU lands contract to serve state’s medical marijuana business

The $35.3 million Element FCU is selected over the $2.6 trillion JP Morgan Chase.

A small credit union has landed a potentially big medical marijuana banking contract with the state of West Virginia.

West Virginia State Treasurer John Perdue said Monday that the $35.3 million Element Federal Credit Union in Charleston has been selected as the “apparent winning vendor for the Medical Cannabis Banking contract.”

“Beginning today (Monday) the State Treasurer’s Office and Element Federal Credit Union will be meeting and negotiating to finalize issuance of the purchase order. Until the purchase order is issued, no other information will be released and the blackout period remains in place,” Perdue said in a prepared statement. “After the issuance of the purchase order, the State Treasurer’s Office and the selected vendor will announce additional information, including long-term goals and interim procedures for medical cannabis banking.”

Because it met all of the state’s mandatory requirements, Element FCU’s proposal was selected over those submitted by J.P. Morgan Chase and a firm named DMTLP, Delivering Marijuana Teams Logistics Placement. MVB Financial Corp. also submitted a proposal but later removed itself from consideration, according to the Office of the State Treasurer.

 

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