- REFG’s comprehensive card processing solution ensures secure and speedy transactions for clients
- The payment solution tracks both sales and taxes, providing transparency and compliance in cannabis sales
- The market potential for the legal cannabis market forecast at $26 billion by 2024
Medical Cannabis Payment Solutions (OTC: REFG) is a payment processing solution provider serving the state-sanctioned medical marijuana industry. Through Green or Take.Green, the company’s proprietary payment system, REFG tracks both sales and tax collection. This means that marijuana transactions are carried out above board and transparently. For the government, having such a system in place ensures efficient tax collection in an industry that has been dogged by tax evasion and underground deals.
REFG gives cannabis customers speed and convenience in purchasing state-licensed products. They can do this straight from their bank accounts without the need to carry cash.
Setting up a new customer on the Green payment system is easy, and customers can connect their U.S. bank accounts with their Green accounts. All of these transactions are completed through a secure channel that ensures that every cent transferred gets to its destination. Transfers take only a day to reflect in the other account.
The federal government has several guidelines to be followed by companies operating in this industry. REFG has put in place an automated full disclosure system that makes it relatively simple to comply with federal requirements. Most cannabis operations have a host of cash and compliance issues that oftentimes cripple the progress of the industry. REFG has decided to follow the law to the letter, thereby giving its clients the liberty to trade.
The Medical Cannabis Payment Solutions’ system has a host of functionalities that allow clients to pay bills, employees and managers through electronic funds. In one comprehensive platform, the system manages both client and product information.
High-volume clients benefit from additional customized services such as armored pickups. Cash handling has been a challenge to some dispensaries and the cause for significant losses in profits. REFG, through the secured pickups service, aims to help reduce or even eliminate such losses.
The increased awareness of the health and recreational benefits of cannabis has created a vast market opportunity not just for REFG, but other players in the industry as well. According to a report by Statista (http://ibn.fm/WBQ3e), the medical marijuana market in the United States is projected to reach $7 billion in sales by 2021. The combined figure for recreational and medical marijuana sales is estimated to hit $26 billion in the same year.
REFG is strategically positioned in the market, since its serves both recreational and medical dispensaries, as well as related businesses. Through its compliant payment solution and other management capabilities, the company can easily reach and compete in widely underserved markets.
For more information, visit the company’s website at www.PayWithGo.com
