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May 15, 2014

Cal-Bay to unveil pre-paid gift card for licensed marijuana dispensaries

Cal-Bay International has signed an agreement with a US merchant account processing firm for the development and production of a pre-paid gift card & loyalty program, CB Green Card, for legally licensed marijuana dispensaries.

By Verdict Staff

Cal-Bay International has signed an agreement with a US merchant account processing firm for the development and production of a pre-paid gift card & loyalty program, CB Green Card, for legally licensed marijuana dispensaries.

This system allows processing of the "CB Green Card" through the dispensary CB terminal leveraging a similar type of platform used for leading credit & gift card processing networks.

Due to the unsure legalities attached to the sale of Marijuana products, the majority of legal dispensaries across the licensed states within the US are denied the ability to process regular cards, thereby limiting the purchase of the products to a "cash-only" operation.

To avoid these legal and financial tangles, Cal-Bay reached at a letter of Intent with an established US Merchant Processing company for the creation and production of the CB Green Card.

The pre-paid gift and loyalty program charge card will be established using a closed loop network, which is intended for use with Legal Dispensaries by way of an exclusive Cal-Bay Financial Services processing terminal which will allow a seamless transaction for the customer’s purchase.

Additionally, it will create a full report for the dispensary and transfer of funds from the sales to their US banking institution, in addition to showing a full sales reporting operation to the tax collectors and at the same time legally processing the funds to the dispensary’s bank.

Cal-Bay CEO Robert Thompson said this solution offers a multitude of mutual benefits including increased sales for the dispensaries, less cash on hand for security reasons, accountability for taxation, legalized bank deposits and Loyalty Program Rewards for the consumers, by issuing "CB Green Cards" for each state use.

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