Breaking News: Medical Cannabis Payment Solutions Announces Banking Solution for State Sanctioned Cannabis

Medical Cannabis Payment Solutions (OTC: REFG), a leader in technological solutions for the medical cannabis industry, announced today the company is currently accepting applications for depository accounts for any state sanctioned medical marijuana establishment. The company also announced that, to date, it has received over 100 applications for its processing and banking products.

“Once applicants have their depository account set up, our payment solution will be able to transact compliant, electronic, cashless payments,” said Jeremy Roberts, CEO of Medical Cannabis Payment Solutions. “Most medical marijuana establishments are dealing with the crisis of not having any real banking solutions. We’re excited to offer our ability to respond and do so now.”

Banking has been a major roadblock for the medical marijuana industry across the nation. Most banks and financial institutions are reluctant to accept deposits because they cannot comply with federal anti-money laundering laws and other laws involving financial crimes.

“Because we can document every stage of the transaction, we’re able to show any regulator the who, what, where, when and we’re the how,” Roberts continued. “It’s a unique system that isn’t a workaround, it is complete compliance. 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.”

Any state sanctioned marijuana establishment wishing to apply for the company’s services is able to do so through the company’s website,

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  1. James Schwarz 1 year ago

    transparency is key to facilitating a touchy cannabis market, especially regulators

  2. Ellen Gray 1 year ago

    I’m a big fan of both industries and worked a lot in payment processing, banking, and retail before I became a writer. Next time I revisit cannabis, will definitely look this up!

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