Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Medical Cannabis Payment Solutions to accept bitcoin for legal pot purchases using its Green app

“The ability to process bitcoin will make us that much more attractive to marijuana establishments and, perhaps more importantly, their clients,” said CEO Jeremy Roberts
a cannabis plant
Bitcoin goes to pot

Medical Cannabis Payment Solutions (OTC:REFDG) will soon accept bitcoin on its payment-processing platform that services legal marijuana sellers.

The Nevada-based company already processes transactions in US currency nationwide via a payment-processing app called Green. By adding the cryptocurrency to the platform, the company said it hopes to rapidly become “bitcoin-acceptable.”

US credit card companies, such as Visa Inc. (NYSE:V) and Mastercard  Inc. (NYSE:MA) decline to process transactions by state-approved merchants of recreational and medical marijuana, and banks will not accept deposits from pot sellers, even in states where it’s been legalized.

“Traditional banking systems do not allow state-sanctioned marijuana to access their payment systems,” said Jeremy Roberts, CEO of Medical Cannabis Payment Solutions, in a statement. “The feedback we have received indicates that the opportunity is bigger than just cashless electronic payments in US currency.”

Companies of all stripes have been slowly adopting bitcoin payments as the price of the cryptocurrency recently reached mania levels. There’s also been a push among banks and other traditional financial institutions to integrate blockchain the underlying technology behind bitcoin, as a secure option in digital transactions.

“Our security, regulatory compliance and pricing give us a huge competitive advantage,” Roberts said.  “The ability to process bitcoin will make us that much more attractive to marijuana establishments and, perhaps more importantly, their clients.”

 

View full APH profile View Profile

Related Articles

picture of cannabis plants
March 23 2018
Control of the supply chain offers operational advantages and financial benefits.
Vial of pills
May 17 2018
Cosmos is a modern company, but the trade routes it relies on are ancient
lab
March 15 2018
Amryt's lead drug candidate, AP101, is a potential treatment for epidermolysis bullosa, a rare genetic skin disorder for which there is currently no approved treatment

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use