Marijuana seems to be here to stay. Two states have already legalized it, and it looks like others may start decriminalizing it or even legalizing its recreational use. The problem with this phenomenon is that banks really don't know how to handle this. In many states, it's still a crime to distribute and sell marijuana for recreational purposes, and being involved in such a transaction poses some risks for the banks enabling them.
The Obama administration has made things a little easier for them, however, by putting forward some government initiatives that gives banks a sort of green light to work with businesses that legally sell marijuana. SinglePoint is capitalizing on this opportunity by announcing an entire suite of solutions for marketing, loyalty, branding, and payment processing for legalized cannabis and marijuana industry members.
SinglePoint's CEO, Greg Lambrecht, said, “This is huge for SinglePoint; a big step in the right direction toward realizing a potential lucrative revenue stream on what looks to be an inevitable shift in legislation.”
The solution that SinglePoint will release will focus entirely on the sale of medical cannabis at this point. Its products suite will also give dispensaries a very lucrative way to make their own loyalty cards, SMS mobile payments, and payments through POS terminals.
This is quite a historical moment, as marijuana is gaining ground as something more acceptable. There's still a long way to go, but companies like SinglePoint and banks that do business with the folks selling “legal weed” are making the industry into something more bowtie-and-collar rather than a back-alley encounter.
Lambrecht continued, “Response was tremendous. We posted our announcement and the next day we were taking meetings with dispensary owners, in person and via phone, in preparation for what we feel will result in a ground-floor opportunity for SinglePoint to expand its brand.”
Edited by Cassandra Tucker
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