Medical Cannabis Payment Solutions Inc. (OTC: REFG) has acquired 40 acres of land to grow hemp in Utah and plans to seek a state license under its recently passed law H.B. 302. The license will enable the company to grow industrial hemp as part of the state’s Department of Agriculture and Food licensing program (http://ccw.fm/kE6N4).
The purchase of acreage on which to grow hemp, under state license, represents an additional revenue stream for REFG. The company’s acquisition of SpeedyGrow in May 2018, a Wyoming-based firm licensed to grow and process hemp in Colorado, was an expansion of REFG’s footprint in the state-sanctioned cannabis space (http://ccw.fm/ex6Jo). By acquiring land and applying for a state license in Utah, REFG is reinforcing its additional revenue stream for its investors.
REFG is a Cheyenne, Wyoming-based company that offers both licensed dispensaries and retail merchant clients Green, a financial processing system that creates a cashless digital world of banking. It offers cannabis merchants online signup, and it is fully FinCEN compliant and a top tier level one payment processor.
Utah’s legislature this year passed S.B. 130, the Cannabidiol Product Act, which sanctions the cultivation, production and possession of hemp. It also authorizes the sale and use of cannabidiol products (http://ccw.fm/l1Taf).
In a news release, Jeremy Roberts, CEO of REFG, said, “We have already purchased 40 acres in anticipation of acquiring a license to grow hemp as part of Utah’s state-sanctioned system. With the acquisition of SpeedyGrow, we have now also entered the cultivation and extraction space. This will be the company’s second license and facility.”
For more information, visit the company’s website at www.Take.Green
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