Considering cultural attitudes, I think for such a cult to emerge the society would have to be:
1) Most definitely not Christian.
For some reason the wolf is specially demonized in Christian cultures. I don't know, it maybe because it stereotypically attacks Jesus Christ's favourite furry incarnation, the lamb. The codes of chivalry of the Middle Ages regulated hunting as much as warfare and considered that a good knight (who would employ his spare time hunting) made a service by freeing the world of pesky vermins, of which the wolf was the worst of all. Part of this idea has perdured in the West all the way to the modern dayand specially in rural regions, no matter how much you talk about the necessary role of predators in an ecosystem and all. And as you probably know, werewolves were as much feared and persecuted in Modern times as witches, since they were both considered to be people who had made pacts with the Devil (the idea that one can turn into a werewolf involuntarily doesn't develop in folklore until way later - at first, it was a warlock, or a plain evil man, that turned himself voluntarily by smearing himself with a magic potion, or using a magic belt).
2) Probably nomadic, or at least not very agricultural.
No matter where you look, even if not outright demonized, the wolf only seems to get fans in nomadic cultures like the Turks, the Mongols or the Scythians (IIRC, though not sure). I'd suppose that the reason lies in the fact that nomads move with their herds through the years rather than remaining in one place with them, and therefore hungry wolves are less prone to attack them and their way to make a living during the winter. The obvious exception would be Rome and the Capitoline Wolf, though I'd have to ask if the Romans were really fans of wolves in general or just of this one.