- States that legalize medical cannabis reaping large tax windfalls
- State-sanctioned cannabis businesses forced into cash-only operation due to federal banking impasse
- REFG resolves cannabis banking and operational issues, generating more state tax revenues
Current regulatory anxiety surrounding cannabis will have little impact on the long-term growth of the industry. Evermore states continue to relax marijuana strictures not only in response to citizen demand but also to generate tax revenues. There’s overwhelming scientific evidence validating the medical efficacy of certain cannabinoids, and states that have legalized marijuana in various forms are finding that cannabis cash is filling state coffers. In 2016, marijuana tax revenue totaled $256 million in Washington and $60 million in Oregon. Meanwhile, Colorado has harvested over half a billion dollars in taxes and fees since it legalized recreational weed. In a report from New Frontier Data highlighted in Forbes (http://cnw.fm/0ioNa), tax revenues in states with legalized marijuana were estimated at $1.8 billion last year. States are addicted to cannabis tax revenues and more states will look to legalization to increase income.
The states’ need and subsequent reliance on marijuana tax revenues pits state rights against federal oversight. This ongoing impasse has created a banking conundrum and an enormous opportunity for Medical Cannabis Payment Solutions (OTC: REFG). Banks are licensed and regulated by the federal government and, subsequently, are reluctant to accept proceeds from any marijuana operation. Medical Cannabis Payment Solutions delivers solutions to…
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