CHICAGO, IL, April 02, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CannaTrac®, the leading cashless payment solution for the cannabis industry, today announced a partnership between its two subsidiaries, CannaCard® and FIRST, Inc. for increased safety and transparency throughout the cannabis industry.
CannaCard®, the cannabis industry’s leading cashless payment option, promotes safety by removing cash from legal cannabis transactions. CannaCard® and FIRST, Inc., a thorough background vetting service specializing in the complexities of the cannabis industry, work together in maintaining visibility throughout the industry.
FIRST, Inc. vetting services were created to meet guidelines for all “Covered Financial Institutions” as defined by FinCEN (includes U.S. banks; futures commission merchant; mutual funds; introducing brokers and commodities; brokers or dealers in securities; money service businesses). FIRST, Inc. will vet all retailers before they join the CannaCard® platform to ensure all laws and regulations are adhered to.
“CannaTrac® has made safety and transparency within the evolving cannabis industry a top priority. Our two companies reflect our commitment to set the standard for the cannabis industry,” said Tom Gavin IV, CEO of CannaTrac®. “We are proud to be able to combine the capabilities of CannaCard® and FIRST, Inc. as we strive to be the cannabis industry’s go-to cashless payment system.”
The CannaCard® platform presents consumers with options of both a physical card and a free mobile app that allows users to easily upload funds with their checking account, debit card, credit card, and/or cash in person at participating dispensaries or retail locations. The CannaCard App™ can be downloaded for free from Google Play and Apple Store.
FIRST, Inc. was founded to create a solution for financial institutions interested in banking in the cannabis industry. The House of Representatives’ Financial Services Committee recently passed the SAFE Banking Act to shield banks and credit unions from federal penalties if they serve legal cannabis businesses. Through this partnership, CannaTrac® provides a safe, transparent solution for retailers and bankers alike.
ABOUT CANNATRAC®
CannaTrac® offers a cashless payment solution for the cannabis industry. With the CannaCard® or our CannaCard App™, both consumers and retailers benefit from the ease and safety of cashless payments.