Medical Cannabis Payment Solutions Prepares for Launch of State of the Art Industry Compliant Payment Processing System
10:10 am ET June 6, 2017 (Globe Newswire) Print
Medical Cannabis Payment Solutions (OTC Pink, REFG), specializes in state-of-the-art financial services structured to serve the cannabis and banking industry, issues a shareholder letter to update investors on recent advancements, and how its emerging corporate vision continues developing.
In March of last year, we mobilized to bring to market the first and only first-tier merchant processing operation of its kind; a comprehensive structure which tracks sales and tax collection, and empowers businesses with an outstanding state-of-the-art client management system through the development of "StateSourced," a wholly-owned subsidiary structured to manage the development and marketing of our highly advanced proprietary industry specific payment processing system. Our StateSourced administration system is designed to be a robust, instrumental, closed loop merchant processing system, in response to the industry's overwhelming need to have a private and encrypted digital solution to serve the rapidly growing legal cannabis industry.
At this point, financial institutions have generally not been able to provide banking access to the cannabis industry. This is, in part, because financial institutions have not been able to integrate necessary due diligence requirements. StateSourced has developed a unique proprietary system to address these issues, and has committed to make 2017 an evolutionary year for the implementation of a financial structure for the advancing legal cannabis marketplace.
Our forward-looking goals for the remainder of the 2017 Calendar year are as follows:
-- Growing sales and profitability through solidifying agreements with dispensaries and medical related businesses in the cannabis industry.
-- Partnering with public officials and government agencies to expand the medicinal cannabis legal landscape
-- Strengthening management strategies to assist in the formation of an industry leading legal framework that will fortify financial security and structure in the rapidly developing medicinal marketplace.
-- Developing and maintaining a profitability rate that is among best-in-class cannabis vendors, as measured by Adjusted EBITDA as a percentage of net sales, thus improving return on invested capital, and maximizing total shareholder return.
Since the commencement of operations in July 2013, significant time and resources have been invested into product development, market research, and brand strategy, in preparation for anticipated growing consumer demand in state-legalized cannabis. This approach has strategically positioned the Company finely to service the industry and emerging economy.
According to a report from New Frontier Data, its forecasted that tax revenues in states with legalized marijuana will reach $1.8 billion, of which $1.4 billion will be from cannabis specific taxes. North American legal marijuana sales totaled $6.7 billion in 2016, and in another report by cannabis market research firm New Frontier Data projects the industry will top 255,000 jobs by 2019 and reach $24.5 billion in sales by 2025.
As the market continues to open, creating evolving new industry demands, Management is keenly focused on using the momentum gained to solidify our position as an incumbent pioneer in the emerging Marijuana financial sector. If these statistics hold true, we will have a monumental opportunity to expand and as markets continue to open, Nationwide. For now, we are determined to continue Building substantial momentum and grow where we are firmly rooted.
About Medical Cannabis Payment Solutions: Our mission is to provide end-to-end management, across multiple management systems, for medicinal marijuana operations. Many medicinal marijuana companies have experienced such rapid growth that they are finding it difficult to manage all aspects of their operation. In order to become a successful and compliant medicinal marijuana operation, effective management must depend on many different systems. REFG solves the fragmentation problem by identifying tools that are important to dispensaries, and customizing those tools specifically catered to the industry. We strive to create awareness within the medicinal marijuana industry and to develop an environmentally friendly, economically sustainable business while increasing shareholder value. For more information, please visit the company's website at: www.refg.co
FORWARD-LOOKING STATEMENT: This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of REFG to be materially different from the statements made herein.