Medical Cannabis Payment Solutions and First Bitcoin Capital Corporation have announced a partnership to integrate cryptocurrency with the payment solution company’s StateSourced payment gateway. The collaboration would allow medical cannabis companies using Medical Cannabis Payment Solutions’ systems to accept StateSourced debit cards, WeedCoin, and other cryptocurrencies including Bitcoin.
Jeremy Roberts, CEO of Medical Cannabis Payment Solutions, said the project “has the potential of allowing consumers real-world non-cash payment solutions” and help businesses with the “regulatory hurdles” as the industry continues to be shut out from standard banking procedures.
“We will provide customers a world class experience with our vast compliance distribution network, including full compliance with [Financial Crimes Enforcement Network] and the Cole memo and through the inclusion of our state of the art StateSourced payment technology,” he said in a press release.
First Bitcoin CEO Greg Rubin said the “intent” of the partnership is to “revolutionize end-to-end processing of payments and compliance products.”
“With an industry serving a population of approximately 175 million people in over 25 states and one of the largest growing industries in the nation, America is set to be the world’s largest marketplace for cannabis,” he said in a statement.
As part of the deal between the two firms, Medical Cannabis Payment Solutions will purchase a block of WeedCoin from Cannabis Sativa Inc., for a block of restricted common stock.