On March 16th Medical Cannabis Payment Solutions’ (REFG) launched their payment platform solution for the cannabis industry that is aptly named Green. The company recently announced on April 4th that their payment platform has an unexpected amount of users that far exceeded expectations.
The payment platform known as Green is a payment processor that allows customers, like medical cannabis patients, to link a checking account from any United States bank to their Green account. This linking would allow any Green user to have a cash-free transaction using their electronic mobile device or desktop computer to purchase medical or recreational cannabis.
Green acts as a substitute for both Visa and MasterCard as they cannot perform a sale with a federally controlled substance, even if the state has declared it a medically and/or recreationally legal substance.
The online payment solution can also be utilized by businesses as a point-of-sale system on iPads in retail store-fronts.