- Company fills the cash-free gap left by banks and financial institutions reluctant to work with the medical marijuana industry
- Provides complete compliance to federal anti-money laundering laws and laws regulating financial crimes
- 60 million transactions processed monthly and over 100 applications already received from state-sanctioned medical marijuana establishments
Financial technology company Medical Cannabis Payment Solutions (OTC: REFG) announced, in a recent press release (http://cnw.fm/LbPz4), that it is accepting applications for depository accounts for any state-sanctioned medical marijuana establishment. While most banks and financial institutions are still reluctant to work with those in the medical marijuana industry, this company is excited to fill the gap. With end-to-end management, REFG is solving the fragmentation problem by identifying tools that are important to dispensaries and customizing those tools to the industry. These depository accounts represent one more step toward meeting the challenges faced in a once cash-only industry.
The difficulty lies in maintaining compliance with laws regulating federal money laundering and financial crimes. REFG provides a complete banking solution that documents every stage of transactions. In a news release, Jeremy Roberts, CEO of REFG, stated, “We’re making all of the federally required disclosures, the accounts are insured and deposited in a licensed institution, we’re doing exactly what the federal and state governments have directed. We believe compliance is best.” The company has found a way to do what most traditional banks and financial industries have been unable to do for the industry.
The company offers ‘Green’, the first and only comprehensive card processing operations of its kind that tracks sales and tax collection, eliminates the need to deal in cash-only transactions and empowers businesses with an advanced client management system. Patients are able to purchase cannabis with funds accessed directly from their bank accounts, while dispensaries can handle payroll and payments to vendors without cash on hand.
REFG keeps client in compliance with FinCEN and retains the necessary records when called upon to prove it. While most banks are sitting by waiting for the federal government to catch up with laws for the growing industry, 60 million transactions are being processed monthly through the Green platform.
Any state-sanctioned marijuana establishment wishing to apply for the company’s services can now do so at www.Take.Green. To date, REFG has already received over 100 applications, and the Green platform is anticipated to find widespread application.
For more information, visit the company’s website at www.Take.Green
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