Medical Cannabis Payment Solutions (OTC: REFG), a Nevada corporation specializing in state-of-the-art financial services structured to serve the medical cannabis and banking industries, today announces it has reached an agreement in principle that will result in the nation’s largest mobile hemp CBD processing service.
The agreement, made with a subsidiary of Paper Lantern, LLC, will be finalized shortly. As part of the agreement, Medical Cannabis Payment Solutions will acquire the rights to deploy groundbreaking mobile hemp CBD extraction labs. These labs will be used at hemp farms owned and operated by Medical Cannabis Payment Solutions and at farms which have entered into processing agreements with the company.
The cannabidiol (CBD) market is estimated to grow by 700 percent by 2020, according to Forbes. A new report by Hemp Business Journal projects that the CBD market will grow to $2.1 billion by 2020 with the global CBD oil market to grow at a CAGR of 39.19 percent during the period 2017-2021.
“Our mobile extraction partnership is another step forward in our plan to participate in the hemp and cannabis industries at strategic levels,” Jeremy Roberts, CEO of Medical Cannabis Payment Solutions, said. "And utilizing our payment platform, all of our transactions will be cashless."
The mobile extraction technology, along with in-field processing, will bring economic benefits never before seen in the industry with improved processing efficiency, reduced energy consumption, greater control over product quality and elimination of redundant layered costs (e.g. transportation).
“By bringing high tech mobile extraction to the farm, we will give farmers and capital partners the competitive edge needed in this fast-growing emerging market,” said Kipp Stroden, partner at Paper Lantern.
Medical Cannabis Payment Solutions plans on acquiring additional licenses to process industrial hemp and extract CBD. The company also recently announced plans to acquire land and licenses in various states, including an existing license through the subsidiary SpeedGrow. The company anticipates the mobile extraction units will be deployed for the October 2018 harvest, taking advantage of the incredible market demand for high quality, organic, hemp-derived CBD.
“We believe the ability to manage supply and demand from seed to sale gives us a competitive edge in the marketplace,” Roberts said. “With this partnership, we are able to leverage Paper Lantern’s technologies to service our farms. And, we gain access to Paper Lantern’s business pipeline."
“Everyone in this industry needs payment solution services and this remains the core of our offering,” Roberts concluded.
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