The rapid growth of the legal cannabis industry has increased the need for tailored and comprehensive payment solutions for dispensaries and other retailers in the field.
Medical Cannabis Payment Solutions partnered up with First Bitcoin Capital Corporation to enable cryptocurrency payments.
The company has also launched its specialized digital payment platform for dispensaries that ensures full compliance and delivers full-spectrum merchant processing services.
Medical Cannabis Payment Solutions (OTC: REFG) announced that it will integrate First Bitcoin cryptocurrency (“$Weed”) with its StateSourced medical cannabis payment gateway service. The announcement came in November, following a partnership agreement between Medical Cannabis Payment Solutions and First Bitcoin Capital Corporation (OTC: BITCF).
Medical Cannabis Payment Solutions is an industry leader in the field of payment processing for the marijuana industry. Currently, no other company on the market offers a completely integrated payment processing system that’s entirely tailored to the needs of marijuana industry representatives. The company helps rapidly growing businesses in the field by identifying tools that dispensaries need the most and customizing these tools to address the operational specifics in the field.
The partnerships with First Bitcoin Capital Corporation is yet another move in the same direction. Through the collaboration, dispensaries and other companies that work in the marijuana industry will gain another opportunity for payment processing. They will work with both debit cards and prominent cryptocurrencies like $Weed and the well-known bitcoin.
Medical Cannabis Payment Solutions and First Bitcoin Capital Corporation signed a partnership agreement on November 8, 2017. The aim of the agreement is to revolutionize end-to-end compliance solutions. Upon the complete realization of the new project, a platform will be launched to deploy an exchange system. Because of the growing cannabis industry, more flexibility is required in terms of payment processing. The addition of a decentralized cryptocurrency provides an easy opportunity for non-cash payments to be made.
According to Medical Cannabis Payment Solutions representatives, the partnership will enable consumers to overcome many of the regulatory obstacles in the industry. As a part of the project execution, the company has announced that it will buy a block of $Weed in return for a block of REFG restricted common stock.
First Bitcoin Capital Corporation CEO Greg Rubin said that America is shaping up to be one of the world’s biggest marketplaces for the products of the cannabis industry. The partnership with Medical Cannabis Payment Solutions can potentially revolutionize compliance products and the processing of payments in the field.
America’s medical cannabis industry is expected to grow at double digit rates in the years to come. According to a Bloomberg report, the compound annual growth rate will be 27 percent by 2021 (http://nnw.fm/i68BG). In 2016 alone, consumers spent 6.7 billion dollars on legalized weed products. The increase is 34 percent on an annual basis.
By 2020, the marijuana industry is projected to create more jobs than manufacturing (http://nnw.fm/Byr7M). Medical marijuana sales are set to increase from 4.7 billion dollars in 2016 to 13.3 billion dollars 2020. Recreational sales will go up from 2.6 billion dollars in 2016 to 11.2 billion dollars in 2020.
With growing trends towards widespread legalization, Medical Cannabis Payment Solutions announced the launch of the first in-market digital payment solution in November 2017. The product is specially tailored to the needs of dispensaries. The payment solution can track sales, it features encrypted digital security and allows for comprehensive client management.
For more information, visit the company’s website at www.MedicalCannabisPaymentSolutions.com