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, announced today that it has acquired 40 acres of agricultural land to cultivate hemp as part of Utah’s recently passed law, H.B. 302. The company will seek a license to grow hemp as part of the state’s Department of Agriculture and Food licensing program.
In 2014, Utah passed H.B. 105, which allowed legal possession and use of CBD oil by registered patients with a doctor’s recommendation and intractable epilepsy. The legislation, however, did not provide a mechanism for patients to acquire the oil. This year, Utah’s legislature passed S.B. 130, the Cannabidiol Product Act, which authorized the cultivation, production, and possession of hemp and the sale and use of cannabidiol products.
“We have already purchased 40 acres in anticipation of acquiring a license to grow hemp as part of Utah’s state-sanctioned system,” said Jeremy Roberts, CEO of Medical Cannabis Payment Solutions. “With the acquisition of SpeedyGrow, we have now also entered the cultivation and extraction space. This will be the company’s second license and facility.”
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