- States that legalize medical cannabis reaping large tax windfalls
- State-sanctioned cannabis businesses forced into cash-only operation due to federal banking impasse
- REFG resolves cannabis banking and operational issues, generating more state tax revenues
Current regulatory anxiety surrounding cannabis will have little impact on the long-term growth of the industry. Evermore states continue to relax marijuana strictures not only in response to citizen demand but also to generate tax revenues. There’s overwhelming scientific evidence validating the medical efficacy of certain cannabinoids, and states that have legalized marijuana in various forms are finding that cannabis cash is filling state coffers. In 2016, marijuana tax revenue totaled $256 million in Washington and $60 million in Oregon. Meanwhile, Colorado has harvested over half a billion dollars in taxes and fees since it legalized recreational weed. In a report from New Frontier Data highlighted in Forbes (http://ibn.fm/nHpjI), tax revenues in states with legalized marijuana were estimated at $1.8 billion last year. States are addicted to cannabis tax revenues and more states will look to legalization to increase income.
The states’ need and subsequent reliance on marijuana tax revenues pits state rights against federal oversight. This ongoing impasse has created a banking conundrum and an enormous opportunity for Medical Cannabis Payment Solutions (OTC: REFG). Banks are licensed and regulated by the federal government and, subsequently, are reluctant to accept proceeds from any marijuana operation. Medical Cannabis Payment Solutions delivers solutions to state-sanctioned medical cannabis operations, providing end-to-end management across multiple management systems. REFG resolves all the fragmentation issues created by the federal government impasse and rapid industry growth.
REFG delivers an industry first, secure, state-of-the-art financial services system that’s simple to set up and easy to use. The company’s purpose-built solution to cannabis banking solves cash handling issues, offers electronic payment and e-commerce features and gives marijuana businesses immediate access to funds while keeping them in compliance with all federal (FinCEN) laws aimed at combatting domestic and international money laundering, terrorist financing and other financial crimes. Not only compliant, REFG’s end-to-end payment processing solution finally provides cannabis customers and retailers with payment options other than cash.
REFG’s proprietary ‘StateSourced” closed-loop merchant processing system is the first operation of its kind geared to the legal cannabis industry. Not a prepaid or gift card, it is one of the first and only comprehensive card processing operations to break the operational and logistical logjam caused by cash-only transactions in state-sanctioned marijuana businesses. The debit card from Medical Cannabis Payment Solutions can only be used for payment within a state where marijuana is legal and only for cannabis-related products from state-sanctioned vendors. Businesses using the company’s card realize an immediate advantage in reducing risks, meeting regulatory requirements and improving customer interactions.
There’s no longer any doubt about the medical efficacy of certain cannabinoids. State-sanctioned delivery of these medications will not only continue but is likely to expand due to patient needs and the states’ increasing reliance on the massive influx of cannabis tax revenues.
For more information, visit the company’s website at www.MedicalCannabisPaymentSolutions.com
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