Medical Cannabis Payment Solutions’ (REFG) Platform Pays Cannabis Dispensaries Directly from Customers’ Bank Accounts

September 12, 2018 11:38:24
  • Legal environment for cannabis businesses remains uncertain
  • Main Street banks and big tech avoid the cannabis space
  • Leaving opportunities for fintech companies

Reluctance by Main Street banks to provide traditional banking services to cannabis establishments has provided a cornucopia of commercial fare and opportunity for financial technology companies like Medical Cannabis Payment Solutions (OTC: REFG). The company is now offering ‘Green’, a FinCEN-compliant payment processing system for state-licensed cannabis establishments. Through the Green platform, patients are able to link their bank accounts and debit those accounts to purchase cannabis. Presently, most cannabis dispensaries are unable to obtain payment processing services from their banks or the major card networks, such as Visa and MasterCard, so sales are typically transacted with cash. This adds extra costs for security and exposes dispensaries to robbery and other risks. The Green platform obviates those perils. It also comes with money management functions that handle payroll, payments to vendors and much more.

Things are not getting any easier for cannabis dispensaries. In June, the Senate Appropriations Committee voted down an amendment that would have protected financial institutions that open accounts for state-compliant cannabis businesses from…

Read More>>

More from NetworkNewsWire

About NetworkNewsWire

NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.

For more information, please visit

Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published:

NetworkNewsWire (NNW)
New York, New York
212.418.1217 Office