- Recreational and medical marijuana market in U.S. estimated to reach $37 billion by 2024
- Need for payment processing solutions increases as cannabis continues march toward legalization
- Cryptocurrency presents a payment option, along with comprehensive card processing solutions
Medical Cannabis Payment Solutions (OTC: REFG), the industry’s leading end-to-end payment processing solution for the legal marijuana industry, gives cannabis retailers and consumers different payment options besides bringing hard cash to the table.
The company’s unique StateSourced proprietary system offers one of the first and only comprehensive card processing operations to serve state-sanctioned marijuana industries. StateSourced is not a prepaid or gift card, which is an important distinction to merchants and clients alike since financial institutions continue to avoid the legal marijuana sector. Federal law still considers marijuana illegal under the Controlled Substances Act, although 29 states and the District of Columbia have legalized the plant’s use in one form or another.
Medical Cannabis Payment Solutions emphasizes that its debit card can only be used to purchase cannabis-related products from state-sanctioned vendors, which means it must be used for payment within a state where marijuana is legal. The company’s card includes a state-of-the-art system that tracks sales and tax collection, giving businesses a distinct advantage when it comes to client management and meeting regulatory requirements (http://cnw.fm/63rWG).
In another first, the company is collaborating with First Bitcoin Capital Corporation to integrate First Bitcoin’s cryptocurrency ($Weed) with Medical Cannabis Payment Solutions’ StateSourced payment gateway. State-licensed marijuana dispensaries around the country will have the option of accepting StateSourced cards and approved cryptocurrencies, such as Bitcoin and Weedcoin, which frees consumers up from carrying cash to make purchases (http://cnw.fm/EsO2X).
Medical Cannabis Payment Solutions CEO Jeremy Roberts said in a recent interview with NetworkNewsAudio, a service of NetworkNewsWire, that the company’s new website (www.REFG.co) allows consumers to apply online for a StateSourced card.
“We’ll do a short due diligence period as required by law, and then we’ll be able to set up processing for them,” Roberts said in the interview, adding that, once the account is set up, using it is easy, accessible and solves the headache of purchasing product from legal businesses that, until now, have been forced to operate on a cash-only basis.
Numerous industry reports state that the recreational and medical marijuana industries will continue their upward trajectory as the highly-regulated plant becomes more accessible through legalization. A report by Statista shows that the estimated retail sales of medical marijuana in the United States will reach nearly $7 billion by 2021 (http://cnw.fm/hGSG4), but that figure pales somewhat next to the combined market that includes recreational marijuana. The consumer market for both sectors of the marijuana industry is expected to eclipse $26 billion by 2021 (http://cnw.fm/f01Hl), with significant increases expected over the following three years, when the market size is expected to reach $37 billion.
Medical Cannabis Payment Solutions provides hand-crafted, secure financial solutions for the cannabis industry. The company’s commitment to providing customers, dispensaries and related businesses working in the state-legalized cannabis markets with real, working solutions to a frustrating problem is front and center on its new website.
For more information, visit the company’s website at www.REFG.co
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