Today, Cal-Bay
reported its reception of a $7 million capital funding proposal for a 3-year
term note for its CB Green Card merchant processing system. The system will
provide U.S.-based legal marijuana dispensaries with a credible channel for
receiving purchase payments from their patients.
Cal-Bay entered into
a memorandum of understanding for the funding proposal, and the proposal’s
terms will be fully disclosed once the definitive agreement is executed at
close of Escrow. The proceeds will be used for completion of Cal-Bay’s Green
Card merchant processing network as well as production of POS terminals
required for use by the dispensaries.
To date, using
credit cards for purchases from dispensaries has not been available because of
differences in federal and state law regarding marijuana product sales. The
majority of purchase transactions have been carried out in only cash. Cal-Bay’s
merchant processing system gives registered dispensaries another method for
accepting payment, as the system gives them the ability to accept and process
patients’ CB Green Card and have the proceeds deposited in their financial
institution.
With Cal-Bay’s
merchant card processing system, registered dispensaries will not have to sit
on large amounts of cash and will have a verifiable transaction of sales for federal
and state tax collection agency records. To date, there are over 2,000 legally
licensed marijuana dispensaries in 23 states in the U.S. They project over $3
billion in sales for 2014, a 100 percent increase from sales in 2013.
For more
information, visit: http://www.calbayco.com/
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