In accordance with the West Virginia Medical Cannabis Act, the West Virginia State Treasurer’s Office released a Request for Proposal (RFP) today in search of a financial institution to provide banking functions for the state’s medical cannabis program.

 

Vendors must be able to provide deposit, disbursement and receipt processes for funds related to the state’s Medical Cannabis Act. Potential vendors must submit proposals to the State Treasurer’s Office by no later than 1 p.m. Wednesday, June 5. 

 

The official RFP and its attachments and addenda are available HERE on the State Treasurer’s Office website. Vendors should check the website periodically for any schedule changes.

 

An RFP is generally used for the procurement of services where price is not the sole determining factor. The award will be based on a combination of cost and determining factors outlined in the RFP solicitation documents.

 

After RFP submissions are received, a designated committee will evaluate and score all qualifying submissions. The timeframe associated with this process varies depending on several factors, including the number of submissions, the complexity of the submissions, and the availability of committee members. The final selection of a winning bidder is a priority for the State Treasurer’s Office; however, there is no definitive timeline for this process.  

 

Starting today there will be a blackout period associated with this RFP, which means the State Treasurer’s Office will not discuss specific details associated with the RFP until it is awarded. Requests for information regarding the RFP and proposals must be directed to Wilma Harrison at wilma.harrison@wvsto.com.