Replies to post #136210 on Cal-Bay International Inc (CBYI)

[rawman]

You are RIGHT ON! Other credit/debit cards use the interbank exchange. The same function needs to happen with the "magic" Green Card, but with some network other than the interbank exchange. And there will obviously be competing methods of accomplishing the transactions. IN THIS CBYI DOES NOT STAND ALONE! As you mentioned, the banks have chosen to avoid any chance of having to deal with the Feds/DEA! So...how much does it cost to provide the servers, software, network, and POS devices to implement the proposal? Seems to me $7 mil might be a "nice start," but JUST a "NICE START." And ultimately, as proposed, the money is still supposed to land in a bank account. IMO...Bitcoin is probably a more likely option!

[re-actor]

I think this page provides a nice description of the card and its use, and also the process it uses to get the fundings to their bank-account:

[....] using a closed loop network, which is intended for use with Legal Dispensaries by way of an exclusive Cal-Bay Financial Services processing terminal which will allow a seamless transaction for the customer’s purchase and would further create a full report for the dispensary and transfer of funds from the point of sale to their US banking institution, additionally showing a full sales reporting operation to the tax collectors and at the same time legally processing the funds to the dispensary’s bank, as would a regularly operating business transacting with a merchant card processing account.

This system allows for the processing of the “CB Green Card” through the dispensary CB terminal, for legally licensed Medical & Recreational Marijuana dispensaries using a similar type of platform used for leading Credit & Gift card processing networks. The regular merchant processing networks are currently not available to the dispensaries due to the nature of the product, Cal-Bay’s state of the art system allows for the legal processing of transactions by the Dispensaries.

http://www.calbayco.com/technology/