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Medical Cannabis Payment Solutions (REFG) Eyes State-Sanctioned CBD Extraction as Important ‘Emerging Market’ for the Company

  • REFG has focused its cannabis activities on seeking state licenses in Utah and Vermont to grow industrial hemp; earlier, it acquired SpeedyGrow, which is licensed to grow in Colorado
  • Vermont is third state where REFG will seek a state license to grow industrial hemp; it acquired 40 acres in Utah and plans to buy land in Vermont, where it anticipates 2019 harvest
  • REFG offers online signup for Green, its FinCEN-compliant integrated gateway that creates a comprehensive virtual banking environment for licensed cannabis providers

Medical Cannabis Payment Solutions (OTC: REFG) has expanded its focus on the cannabis industry and is planning to apply for its third state license to grow industrial hemp. The company says that it will apply for state licenses in Utah and Vermont after already purchasing one when it bought SpeedyGrow, a Wyoming-based firm licensed to grow and process hemp in Colorado (http://ibn.fm/PfsLS).

REFG is a Nevada corporation that has online signup for Green, its financial processing system that creates a cashless financial system for licensed dispensaries and cannabis merchants who are underserved by traditional banks. REFG is now also an expanding state-licensed grower and processor of industrial hemp. The company serves as a first tier payment processor, with its Green platform designed to process transactions by licensed cannabis dispensaries and merchants (http://ibn.fm/0Ze3k).

REFG is looking at multiple properties in Vermont for growing industrial hemp, and it plans to apply and register with Vermont’s Agency of Agriculture Food and Markets. Growers must pay an annual fee and conform to various farming statutes.

In a news release, Jeremy Roberts, CEO of REFG, said, “While we are fully committed to our solution to the banking and financial transaction problems in the state sanctioned marijuana industry, we are pleased thus far with our diversification into CBD extraction. With the recent approval of a CBD based medicine by the U.S. Food and Drug Administration and the Drug Enforcement Agency’s recent clarification, we believe this emerging market is an important focus for our company.” He added that many company stockholders had requested that REFG expand its footprint, and this decision was made in direct response to those petitions. Roberts termed the action “an exciting step” for the company.

REFG previously acquired 40 acres of land to grow hemp in Utah and plans to seek a state license under that state’s recently passed H.B. 302. If approved, that license will enable the company to grow industrial hemp as part of the state’s Department of Agriculture and Food licensing program (http://ibn.fm/iiZwk). These activities, along with its acquisition of SpeedyGrow, represent an expansion by REFG into the state-sanctioned cannabis space (http://ibn.fm/YABPZ).

For more information, visit the company’s website at www.Take.Green

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