- Majority
of states have legalized marijuana in some form
- CSA
creates financial barriers to cannabis sales, purchasing
- REFG
pioneering payment solutions in rapidly expanding market
In what CNN analyst Z. Byron Wolf says may be a tipping
point (http://ibn.fm/B8TKV),
voters in Oklahoma — generally considered a politically conservative state
— approved one of the most permissive medical marijuana initiatives in the
country this summer. For those keeping track, that makes a total of 30 states
and the District of Columbia (http://ibn.fm/4MArB)
that now have laws broadly legalizing marijuana in some form. Once
unimaginable, the legalization of the substance on a federal level is even
looming as a possibility.
With this abrupt change in momentum comes unique challenges
for companies looking to offer services to both providers and users of
cannabis. One of the most significant challenges is payment for the plant.
Since President Richard Nixon signed the Controlled
Substances Act (CSA) into law in 1970, medical marijuana has been categorized
as a Schedule 1 substance. Consequently, the U.S. Federal Reserve System
refuses to charter any financial institution that serves marijuana
businesses (http://ibn.fm/wq3BD),
creating an environment where even “transporting or transmitting funds known to
have been derived from the distribution of marijuana is illegal.”
Known as a first-tier merchant processing cannabis industry
pioneer, Medical Cannabis Payment Solutions (OTC: REFG) offers one of the first
and only comprehensive card processing operations of its kind to serve the
state-sanctioned medical marijuana industry. The company’s state-of-the-art
system tracks sales and tax collection and eliminates the need to deal in
cash-only transactions.
REFG’s unique ‘StateSourced’ proprietary system enables
authorized operation under FinCEN parameters, ensuring compliance with all
regulatory frameworks. The first operation of its kind targeting the legal
cannabis industry, StateSourced provides the convenience of modern commercial
card processing resources. Medical Cannabis Payment Solutions offers its
StateSourced card on a state-by-state basis. The card can be used to purchase
product from an authorized vendor, providing a much-needed option for consumers
and businesses alike.
To further its pioneering efforts, the company is also
collaborating with First Bitcoin Capital Corporation to integrate First
Bitcoin’s WeedCoin ($Weed) cryptocurrency with its StateSourced payment
gateway. This intriguing collaboration will allow state-licensed marijuana
establishments across the nation to accept both StateSourced debit cards and cryptocurrencies
such as WeedCoin and bitcoin.
In addition, Medical Cannabis Payment Solutions also allows
merchant clients to sign up for payment-processing services online quickly and
easily. Within minutes, clients can start collecting payments, move funds to
other banks with no compliance issues or spend funds directly from their
accounts. Finally, the company offers bank accounts for state-licensed medical
marijuana establishments through its www.Take.Green website.
“We believe we offer the nation’s only truly compliant
payment and banking solution for state-sanctioned marijuana,” REFG CEO Jeremy
Roberts stated in a news release.
For more information, visit the company’s website at www.Take.Green
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www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com
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