- Green is a FinCEN compliant payment processing platform for those in the cannabis industry
- Constant changes within the cannabis industry, as states and the federal government work to define new laws
- SpeedyGrow partnering with local hemp farmers in the Grand Valley to help boost the community’s economy
Medical Cannabis Payment Solutions (OTC: REFG), a financial services company directed at the medical cannabis and banking industries, has been filling the gap for cannabis providers who lack bank support due to federal regulations by providing online banking solutions. First offered only to medical cannabis merchants, the company’s services are now available to the entire cannabis industry through its innovative Green platform. The Green platform allows for electronic payments and secure cash deposits, all while remaining FinCEN compliant. REFG keeps clients in compliance and bears the proof of burden, freeing clients to focus on everything else that goes into running a successful business.
Changes are constantly occurring within the cannabis industry, and REFG stays on top of the changes, making sure that the banking solutions it provides are up-to-date. It is no easy task to stay up-to-date on the changing laws and regulations. Last week, President Trump stated that he was likely to back a marijuana bill to leave the decision of legalization to the states, a remark in direct contrast to the policies backed by Attorney General Jeff Sessions. “It means right now, that for example, in Colorado , and soon in Massachusetts, someone who buys marijuana, someone who sells marijuana is complying with state law, but they are in violation of federal law. And that puts them at risk,” Senator Elizabeth Warren, one of two who introduced the bill, remarked regarding laws as they stand (http://nnw.fm/ZnoV8). It’s no wonder that traditional banks are hesitant to tackle the unique challenges of this industry as the states and federal government work to define new laws. The Green platform adapts to the changes in compliance, offering the only real solution for cannabis dispensaries who no longer wish to run the risk of operating on a cash-only basis.
While the courts hash out the legalities, REFG has its eyes on the future as it invests in local communities. The CBD extraction facility SpeedyGrow Inc., a subsidiary of REFG, was recently featured on KREX, the CBS-affiliated television station in Grand Junction, Colorado. The news story provides a small tour of the facility and discusses the company’s efforts in CBD extraction. SpeedyGrow is partnering with local hemp farmers every step of the way. During the planting season, the company provides the farmers with Speedy Veg, an organic growth supplement.
After harvesting, farmers no longer need to ship their product four to five hours away to Denver. The full process is now done locally, reducing the cost to farmers which then in turn passes on cost savings to the consumer. The company does not charge farmers for the process of extraction but instead shares the revenue on the back end. The CBD oil is sold in its raw form or turned into products like soft gels or tinctures. “We have embraced being a part of the community and are excited to be a part of a growing segment of the community’s economy,” stated David Schenk, co-owner of Speedy Grow Inc., who sees this process as holding the potential for an economic boom for the area. “We believe this valley can be known for the highest quality CBD anywhere in the nation. That people seek out the flower that’s grown here.” It’s a sentiment that is shared by local farmers (http://nnw.fm/Af6Wz).
For more information, visit the company’s website at www.Take.Green
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