Electronic payment services firm Advanced Content Services (ADCS) has collaborated with SinglePoint and GreenHouse Payment Solutions to establish a joint venture firm GreenStar Payment Solutions.
The profit corporation firm is designed to leverage medical marijuana market to provide services to accept debit cards at the dispensaries, transforming a cash business into electronic payments, wherein both dispensaries and their customers are benefited.
The company claimed that the $2bn medical marijuana business featured zero electronic transaction.
The US government has approved the legal marijuana business outlining special guidelines for the dealers to comply with and the Justice Department ordered US attorneys not to go after banks involved in trading with legal marijuana dispensaries as long as they adhere with the guidelines.
Committing to comply with the regulations, GreenStar is seeking 240 merchant clients by end of year to its existing clientele, with additional 500-1000 in 2015.
ADCS CEO Thomas Wolff said "The target of 240 accounts for 2014 measures to annual gross income of nearly $1.4 million. This is a monumental deal for all involved."
The companies have filed the joint venture’s Articles of Incorporation with the Secretary of State of Colorado.