Medical Cannabis Payment Solutions (REFG) Finalizing Agreement to Deploy Groundbreaking Mobile Hemp CBD Extraction Labs
LAS VEGAS, July 09, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – Medical Cannabis Payment Solutions (REFG), a Nevada corporation specializing in state-of-the-art financial services structured to serve the medical cannabis and banking industries, today announces it has reached an agreement in principle that will result in the nation’s largest mobile hemp CBD processing service.
The agreement, made with a subsidiary of Paper Lantern, LLC, will be finalized shortly. As part of the agreement, Medical Cannabis Payment Solutions will acquire the rights to deploy groundbreaking mobile hemp CBD extraction labs. These labs will be used at hemp farms owned and operated by Medical Cannabis Payment Solutions and at farms which have entered into processing agreements with the company.
The cannabidiol (CBD) market is estimated to grow by 700 percent by 2020, according to Forbes. A new report by Hemp Business Journal projects that the CBD market will grow to $2.1 billion by 2020 with the global CBD oil market to grow at a CAGR of 39.19 percent during the period 2017-2021.
“Our mobile extraction partnership is another step forward in our plan to participate in the hemp and cannabis industries at strategic levels,” Jeremy Roberts, CEO of Medical Cannabis Payment Solutions, said. "And utilizing our payment platform, all of our transactions will be cashless."
The mobile extraction technology, along with in-field processing, will bring economic benefits never before seen in the industry with improved processing efficiency, reduced energy consumption, greater control over product quality and elimination of redundant layered costs (e.g. transportation).
“By bringing high tech mobile extraction to the farm, we will give farmers and capital partners the competitive edge needed in this fast-growing emerging market,” said Kipp Stroden, partner at Paper Lantern.
Medical Cannabis Payment Solutions plans on acquiring additional licenses to process industrial hemp and extract CBD. The company also recently announced plans to acquire land and licenses in various states, including an existing license through the subsidiary SpeedGrow. The company anticipates the mobile extraction units will be deployed for the October 2018 harvest, taking advantage of the incredible market demand for high quality, organic, hemp-derived CBD.
“We believe the ability to manage supply and demand from seed to sale gives us a competitive edge in the marketplace,” Roberts said. “With this partnership, we are able to leverage Paper Lantern’s technologies to service our farms. And, we gain access to Paper Lantern’s business pipeline."
“Everyone in this industry needs payment solution services and this remains the core of our offering,” Roberts concluded.
About Medical Cannabis Payment Solutions, Inc.
Our mission is to provide end-to-end management, across multiple management systems, for medicinal marijuana operations. Many medicinal marijuana companies have experienced such rapid growth that they are finding it difficult to manage all aspects of their operation. In order to become a successful and compliant medicinal marijuana operation, effective management must depend on many different systems. REFG solves the fragmentation problem by identifying tools that are important to dispensaries, and customizing those tools specifically catered to the industry. We strive to create awareness within the medicinal marijuana industry and to develop an environmentally friendly, economically sustainable business while increasing shareholder value. For more information, please visit the company's website at: www.refg.co
About Paper Lantern, LLC
Paper Lantern invests in and develops vertically integrated business portfolios in emerging markets, including the hemp and cannabis industries. We believe the difference between billion-dollar valuations and failure is planning strategically at an ecosystem-level, aligning with market-maker partners, and fostering a culture of innovation built on solid business fundamentals. We build businesses based on regenerative values and a collective intention that all stakeholders thrive. Together we shine a light on a brighter path forward for humanity.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of REFG to be materially different from the statements made herein.