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Medical Cannabis Payment Solutions Announces First Payment Processing Customer
6:00 am ET August 24, 2017 (Globe Newswire)
Medical Cannabis Payment Solutions (OTC - REFG), a state-of-the-art merchant processing and financial services provider to state-sanctioned cannabis, today announced a contract with a vertically integrated marijuana establishment in Las Vegas, its first customer for its closed-loop banking and payment processing solution, StateSourced.
"We've completed our transition from development stage to revenue stage," said Jeremy Roberts, CEO of Medical Cannabis Payment Solutions. "We have just started our business development efforts and the market is responding very well. We anticipate having many more, similar releases."
During the initial installation and integration period, the client has asked Medical Cannabis Payment Solutions to wait to disclose their name, "They'd like to avoid having customers rush to use a system that isn't quite deployed in each of their locations," added Roberts. The client has a Nevada license for cultivation, production and a dispensary.
"We are very pleased to have secured our first contract," stated Mr. Roberts. "The industry wants the type of security, simplicity and compliance we offer. We're excited to be the solution to their concerns. When customers are made aware of our ability to comply with FINCEN, avoid the problems spelled out in the Cole Memo, they're telling us there isn't an alternative; we're it."