Big news from Washington this week is that the first hearing on marijuana from the new Congress is already in the books, and next week, the House Financial Services Committee will hear from legal cannabis companies about the trouble they have operating within the confines of the banking system while pot remains federally illegal.
This is an important hearing because access to financial products is key to seeing legal U.S. cannabis businesses mature.
Right now American cannabis companies are primarily cash businesses because of the federal prohibitions on pot. Financial institutions can’t do business with companies that are breaking federal drug laws.
So why is this important for Doctor Dalton and Univec shareholders? Today, most cannabis companies depend on individual corner dispensaries to sell their products. Not so with Univec. Doctor Dalton developed a network of 70,000 pharmacies to sell cannabis products, and with this the ability to make credit card transactions is critically important.
Think about this for a minute. Dalton may very likely put all other cannabis companies out of business. I envision a smart phone app that automatically locates the nearest cannabis company that supplies your order and then sends your products directly to your home --- no need to search for a local dispensary. Of course, the billing will be handled by Dalton’s software billing program that automatically selects the maximum reimbursement from insurance, MediCare, Medicaid, the V.A. and others.
Some say the future is out there. However, I say the future is already here.
