- Searching for property in Vermont to grow industrial hemp
- Acquired 40 acres of land in Utah, as well as SpeedyGrow and SpeedyVeg
- Continues to concentrate on core ‘Green’ platform
Medical Cannabis Payment Solutions (OTC: REFG), a state-of-the-art financial services company targeting the cannabis industry, is expanding its footprint through acquisitions in Vermont, Utah and Colorado. The company has announced plans to grow hemp and seek appropriate licensing in each state.
“While we are fully committed to our solution to the banking and financial transaction problems in the state-sanctioned marijuana industry, we are pleased thus far with our diversification into CBD extraction,” Jeremy Roberts, CEO of Medical Cannabis Payment Solutions, stated in a news release. “With the recent approval of a CBD based medicine by the U.S. Food and Drug Administration and the Drug Enforcement Agency’s recent clarification, we believe this emerging market is an important focus for our company.”
REFG recently announced plans to grow industrial hemp in Vermont, with the first anticipated harvest set for 2019. The company is currently looking at various properties. The Vermont industrial hemp program requires applicants to register annually with the state’s Agency of Agriculture, Food and Markets; pay an annual fee; and comply with various farming statutes. According to Roberts, the decision to expand REFG’s footprint into growing hemp is in direct response to shareholder petitions (http://cnw.fm/1W3nA).
Vermont is not the only real estate that holds the company’s interest. REFG has also expanded into Utah and Colorado.
A sizable 40-acre plot in Utah was recently acquired to grow hemp, and the company has plans to seek a state license under the recently passed H.B. 302. The 2018 Utah Legislature has already passed several bills involving cannabis that include the cultivation of industrial hemp, cannabidiol products, cannabis cultivation amendments and a medical cannabis policy (http://cnw.fm/XevA7).
Colorado-licensed SpeedyGrow and organic soil accelerator SpeedyVeg, with its organic nutrient designed to accelerate the growth of plants, was acquired earlier this year by REFG. SpeedyVeg’s formula claims to result in a 20 percent faster growth rate and includes 70 natural trace nutrients (http://cnw.fm/1DGJx). Through SpeedyGrow, two marijuana strains – GrapeApe and Birthday Cake – were acquired, and the company is seeking additional marijuana cultivation licenses (http://cnw.fm/AivN3).
These acquisitions present a new revenue stream for REFG’s investors. However, the company continues to concentrate on its core ‘Green’ platform, providing best-in-class payment processing and a comprehensive banking system. Clients can now signup via the Take.Green website and are provided banking accounts online. This unique approach allows cannabis providers access to banking solutions that they have otherwise been denied due to federal regulations that are still in place. Green is the first and only comprehensive card processing operation of its kind, tracking sales and tax collection and empowering business with an advanced client management system.
For more information, visit the company’s website at www.Take.Green
More from CannabisNewsWire
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
For more information please visit https://www.cannabisnewswire.com