BioTrackTHC™'s Sale to Seed (STS) Technology Solves Banking Problems for the Marijuana Industry
SPOKANE, Wash., Sept. 25, 2014 /PRNewswire/ -- BioTrackTHC™, the world's largest seed-to-sale enterprise system, is moving to become a "sale-to-seed" business thanks to a new technology. BioTrackTHC™'s STS Multi-Point Verification program solves one of the largest roadblocks for states with active marijuana businesses: banking. "Insights gained from developing the Washington Traceability System inspired this innovation," says Patrick Vo, COO and Traceability Project Manager.
According to the federal government Controlled Substance Act, marijuana is considered a Schedule I substance, the most tightly restricted category. This status has proven to be a challenge for states with marijuana laws when it comes to banking, as any movement of funds could be considered a felony. Due to banks' fears of being implicated in money laundering, they are unable to work with the cash-only system. The system also puts retailers' safety at risk and creates issues involving taxes and employee payroll. BioTrackTHC™'s new, STS Multi-Point verification banking program is intended to solve all of these issues within one module for banking, credit cards, and debit solutions.
"Currently, banks are not taking cash deposits due to fears of money laundering and the potential illegality of the product," says Dr. Siegel, BioTrackTHC™'s Chief Executive Officer. "To solve this, we created a Multi-Point verification system that can tie the cash deposits, credit cards, or debit solutions to each legal marijuana sale. We can track the sale backwards and prove that each deposit is directly tied to a vetted, registered product; that the money has been appropriately taxed; and that the sale is tied to a registered, licensed business and much more."
"The success of this program could finally pave the way for other medical cannabis businesses to run their finances as any other legitimate business in this country," continues Dr. Siegel, "This will solve a huge problem in America today – allowing marijuana businesses and banking institutions to operate together with complete transparency and with complete accountability."
BioTrackTHC™'s traceability system is utilized state-wide for all recreational marijuana businesses in Washington. BioTrackTHC™'s commercial platform is deployed in nearly 800 locations, 14 states, Washington D.C., Canada and South America. BioTrackTHC™'s standard tracking program assigns unique numerical identifiers to every part of the business's operations and inventory movements. That same assigned value is extended to cover exact monetary denominations made through the sale of each product, which can then be tied to individual bank, credit card, or debit transactions.
"Simply, if a marijuana business using BioTrackTHC™ deposits $20,000 into a bank, it can be directly traced to the $20,000 of product sold, which was reported to the traceability system," explains Dr. Moe Afaneh, Division Project Manager of BioTrackTHC™. "The state recognizes this as legal revenues because they are tied to legal inventory," Dr. Afaneh continues. "This reduces the likelihood of both the bank handling laundered money, as well as the bank handling sales of illegal inventory."
BioTrackTHC™ is currently rolling out the Beta test of the Multi-Point STS banking program with Numerica Credit Union. BioTrackTHC™ is in discussion with other banking and payment solutions which have expressed interest in providing services to legal marijuana businesses in other states.
About BioTrackTHC
For more information or to order software please contact, BioTrackTHC™ 1-800-797-4711 or [email protected].
The nation's largest, and best established seed-to-sale-to-waste tracking company, BioTrackTHC™ employs custom-made tracking software to ensure the most rigorous standards are met for the ever-evolving cannabis industry. Please visit www.BioTrackTHC.com for more information.
This Press Release is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities in the Company or any related or associated company.
INTERVIEW AVAILABLE:
Dr. Steven Siegel
Chief Executive Officer, BioTrackTHC
1-800-797-4711
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SOURCE Bio-Tech Medical Software, Inc.
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