- Agriculture Improvement Act of 2018, which includes the legalized production of hemp, passes both houses of Congress
- Company seeks to change the industry from risky cash-only store fronts to a secure, federally compliant bank-accessible business model
- Positioned at the forefront as federal laws catch up to the growing industry
Companies working in the medical and recreational cannabis industry, like Medical Cannabis Payment Solutions (OTC: REFG), are celebrating a big win. A large farm bill, known as the Agriculture Improvement Act of 2018, was passed in the Senate, 20-1, and in the House of Representatives, 369-47 (http://ibn.fm/2A4OB).
Sen. Majority Leader Mitch McConnell’s Hemp Farming Act was included in the Senate’s farm bill. McConnell has been working to remove industrial hemp from the list of controlled substances under federal law in order to open up new opportunities for his home state of Kentucky, as well as others throughout the United States.
The farm bill from 2014 saw hemp laws relaxed, and farmers in select states have since been able to grow hemp for research purposes. The 2014 farm bill expired on September 30, 2018, and the majority of the programs will expire at the end of December 2018. The farm bill is renewed every few years, and the next one holds great promise for the industrial hemp industry, modifying the “research-only” restrictions and making industrial hemp cultivation accessible to the farming community as a whole.
REFG has been on the forefront of the legal cannabis industry, providing much-needed services to those waiting for the laws to catch up. For licensed distributors, the medical and recreational cannabis industry is no longer a cash-only business thanks to Go!, REFG’s legal and secure banking and payment solution.
Go! provides accessibility and protection for licensed cannabis companies. The entire system is convenient from day one. Distributors can sign up through an online application and use the system to track sales and taxes, as well as manage clients. Go! is an end-to-end payment processing system for dispensaries’ banking needs, ensuring federal compliance as regulations continue to evolve.
The company has been willing to take risks early on in anticipation of an emerging market and legalization in the United States. In doing so, REFG has grown a loyal customer base, providing a much-needed service in an industry that others were not willing to enter.
Now, as legislation such as the Agricultural Improvement Act of 2018 and others begin to take center stage in the public eye, REFG is ahead of the game. The company is strategically placed to grow as it continues to provide the end-to-end, secure, federally-compliant payment solutions for which it is known.
For more information, visit the company’s website at www.PayWithGo.com
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