Banking Archives - Green Market Report

Debra BorchardtDebra BorchardtOctober 23, 2019
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12min3980

Casa Verde, a venture firm that counts Snoop Dogg as a partner, led a $7 million financing round for cannabis short-term lender Bespoke Financial.  Bespoke Financial was launched in 2018 by co-founders Benjamin Dusastre, Pablo Borquez-Schwarzbeck and George Mancheril.

“While the US legal cannabis market is forecasted to grow over 20% annually, reaching $23B by 2022, the industry’s true growth potential is limited by long cash flow cycles throughout the supply chain and a lack of scalable and efficient capital sources,” says Bespoke Financial Co-Founder and CEO, George Mancheril. “Our approach will dramatically improve cash flow cycles across the supply chain and provide scalable working capital to fuel our clients’ growth.”

Borquez-Schwarzbeck and Dusastre are also the co-founders of ProducePay, a fintech platform focused on produce farmers across North and South America. Founded in 2014, ProducePay has financed $2+ billion in perishable commodities to date, operates in 13 countries, processes thousands of transactions monthly and has raised over $200M in funding from some of the largest and most prominent investors in the world.

Building off ProducePay’s successful business model to offer financing to a similarly underbanked industry, Bespoke provides unique financing options for the cannabis industry by incorporating ProducePay’s proven underwriting model, risk management controls and technological expertise in building a successful fintech platform.

In addition to Casa Verde, Greenhouse Capital Partners, and Outbound Ventures among others will be used to both enhance Bespoke’s existing online platform where borrowers can request funds on a real-time basis and to expand Bespoke’s team and marketing efforts. While currently focused on the California cannabis market, the company has plans to quickly expand into other legal US jurisdictions.

“Bespoke is filling a critical funding gap for US cannabis businesses that are rapidly scaling and need short-term working capital solutions. With the recent softening of the public markets, private financing is becoming more expensive. As such, Bespoke has created an efficient alternative for cannabis companies to access liquidity while managing their dilution,” says Karan Wadhera, Managing Partner of Casa Verde. “Given the Bespoke team’s previous success in building the leading agtech platform, coupled with their depth of fintech expertise, we are confident in leadership’s ability to execute.”

 


StaffStaffSeptember 26, 2019
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5min3980

House Takes First Step Toward Federal Validation of the Marijuana Industry: Votes 321 to 103 to Pass the SAFE Banking Act

In a showing of bipartisan support, the House of Congress voted 321 to 103 to pass the SAFE Banking Act.  Of those voting yes, 229 were Democrats and 91 were Republicans.  Unity amongst Democrats was particularly strong with only one Democrat vote being in opposition.  Going forward, this overwhelming amount of party support should help assuage any fears as to whether the Democrats will continue to back the bill as it moves to Senate.

What the SAFE Act Means for the Industry

Currently, banks that provide services to the cannabis industry are at risk of being prosecuted under federal law.  The risk is the same for insurance companies and landlords that operate in, or provide services to, the cannabis industry.  Consequently, cannabis companies are often forced to horde cash and jump through hoops to make payment for items as simple as a utility bill; proper insurance coverage is often difficult to obtain; and options are limited for cannabis companies seeking to rent facilities for their operations.  The lack of federal legalization has not only created several operational obstacles and inefficiencies for companies involved in the cannabis ecosystem, but by forcing cannabis companies to operate only in cash it has created safety issues for employees by making them, and their places of work, targets of robbery.

Although approval of the SAFE Banking Act would not fully legalize cannabis, it would prevent the federal government from taking action against banks, insurers and landlords that provide services to cannabis companies that are operating in compliance with applicable state laws.  Not only would such legislation go a long way towards normalizing the industry, moving from a cash-only environment would significantly enhance public safety.

It should be noted that the bill does not contain provisions relating to capital markets access for cannabis companies.  Accordingly, approval of the SAFE Banking Act would not provide cannabis companies with access to the U.S. capital markets or exchanges.

Next Steps

The next step is for the Senate to consider and vote on the SAFE Banking Act.  This process is expected to occur later this year.  While some are skeptical of the SAFE Banking Act’s chances of receiving approval from a Republican-controlled Senate, there are provisions in the bill that should appeal to Republicans.  One provision addresses Operation Choke Point, a program put in place by the Obama administration that investigated banks for doing business with payday lenders, firearms dealers and other companies at higher risk for fraud and anti-money laundering.  Another provision addresses access to banking services for the hemp industry, which should be of particular importance to Senate Majority Leader Mitch McConnell and his home state of Kentucky.  If the bill is passed by Senate, it would then be submitted for Presidential approval.

Approval of the SAFE Banking Act will not fully legalize cannabis, but it would represent a significant milestone for the cannabis industry by providing access to banking services, and it could also lead to the approval of other cannabis-focused policies, and possibly, full federal legalization.

Jason Wilson
Global Cannabis Industry Expert with over 15 years of experience in the asset management, finance, and structured product space, Jason has a track record of bringing hard-to-access asset classes to market. Recently, Jason was Senior Vice President at INFOR Financial Inc., a boutique investment bank that acted as advisor to Canopy Growth Corporation in connection with entering into its strategic relationship with Constellation Brands.


Debra BorchardtDebra BorchardtAugust 6, 2019
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4min6740

Last week Ohio Gov. Mike DeWine signed a bill that will allow credit unions and other financial institutions to service businesses that cultivate hemp and sell cannabidiol products as long as there is no more than 0.3% of THC. This week, NCUA (National Credit Union Association) Chairman Rodney Hood said that credit unions won’t be sanctioned for servicing cannabis-related accounts as long as they adhere to money laundering rules.

“It’s a business decision for the credit unions if they want to take the deposits,” Hood told the Credit Union Times. He added, “We don’t get involved with micro-managing credit unions.” Hood also told the CU Times that Congress could remove all ambiguity if it enacted legislation to declassify marijuana.

OHIO

“While the Ohio Credit Union League takes no stance on the legality of marijuana, we do stand by our credit unions and their ability to legally serve all of their members and their financial needs,” Ohio League President/CEO Paul Mercer said. “Today’s [Tuesday] signing of SB57 allows Ohio businesses to do that effectively, while also bringing our state into alignment with federal legislation.” In addition to addressing the banking, the legislation also directs the Ohio Department of Agriculture to come up with rules and regulations for the licensing and processing of hemp within the state.

The Ohio Credit Union League also said that the bill had an emergency clause that meant the credit unions could begin working with the businesses immediately. The Ohio League represents 262 credit unions in the state said it supported the new legislation to bring Ohio law in line with federal standards as a result of the passage of the 2018 Farm Bill.

Guns & Ganja

The CU Times also recently ran a story that suggested a correlation between guns and cannabis banking that could happen. The Safe Banking of 2019 legislation has 206 co-sponsors and is gaining support. However, the Senate which is controlled by Republicans hasn’t seemed inclined to move on the Bill. The article suggested that a compromise could happen in which Operation Choke Point was outlawed in order to cannabis banking approved.

Operation Choke Point was an Obama-era initiative by the Department of Justice that would investigate banks doing business with gun companies for potential money laundering. It was ended in 2017, but other forms of this program have surfaced like JP Morgan choosing not to work with private prison companies. The suggestion is that these types of programs would not be allowed and banks would have to work with gun companies even if they don’t want to. If that is added, then they will move the Safe Banking legislation forward.


Debra BorchardtDebra BorchardtJuly 22, 2019
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4min13930

Next week, the Senate will be holding a hearing on July 23 by the Committee on Banking, Housing and Urban Affairs. The Senate is making a move following a House cannabis banking bill that cleared that chamber’s Financial Services Committee with a bipartisan vote in March. Readers can follow the action on that bill for free on the Green Market Report under the Legislation tab.

That piece of legislation now has 206 cosponsors, almost half of the House while the Senate legislation has only 32 out of 100 senators signed on. The conservative politicians would prefer to stand down while cannabis is still federally illegal, but supporters of the legislation argue that forcing the industry to a cash system encourages theft and diversion.

Although many cannabis businesses continue to suffer from account closures and difficulty processing credit card transactions, there has been some advancement with regards to the banks and the industry. “We’ve seen incredible changes in the cannabis banking space in the last 2 years,” said Todd Kleparis, CEO of California-based Hardcar. The company is a leader in Cash-In-Transit (CIT), cannabis banking and vaulting, and cannabis financing. They currently operate out of 11 states, plus Washington D.C., and have plans to expand into 3 more states by the end of 2019

He added, “Our first banks were only in the hundreds of millions of dollars and our banks now are in the billions of dollars. Banks are becoming more open to cannabis, but the market demand still outweighs the number of banks legally banking this industry.”

Hardcar also announced that it can now safely transport and bank any amount of cash for any company in the United States. In an effort to secure the nation’s largest secured network of banks, the company has been able to establish routes for any CBD and Hemp company, anywhere in the country.

Last week the company said that it had secured a multi-billion dollar bank and now has the ability to offer cannabis loans and financing options for businesses looking to expand their operations.

“In the beginning, cannabis banking was only for high revenue cannabis businesses because banks could justify the larger expense to monitor and process all transactions. Nowadays, banks are accepting smaller businesses and the pace of adoption has radically increased. These new loan services bring a whole new dynamic to the cannabis industry and we’re proud to lead the industry with the largest collection of financial options. Now any CBD or Hemp location can apply for traditional land loans, and very shortly, THC locations will be able to do so as well. ”

“We believe banking still to be a critical part of the cannabis industry that needs more attention,” said Kleparis. While moving money is a critical part of the system credit card transactions are the piece of the puzzle holding many businesses back. This type of legislation would remove those barriers and help companies to behave like other more traditional businesses.

Credit unions seem to be the most favorable financial institutions for cannabis businesses that touch the plant, but even ancillary companies are experiencing difficulties. One accounting and bookkeeping firm that works with cannabis companies was closed by Chase. Others tell of being able to get accounts, but then get charged exorbitant fees by the financial institution

The challenge for the Senate is resolving the banking issue while cannabis remains federally illegal. This is the barrier to entry for the banks and they see anything else as a nonstarter.


Anne-Marie FischerAnne-Marie FischerApril 25, 2019
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6min28993

It was a significant move for the financial industry and the cannabis industry when Bank of America Merrill Lynch (BAML) released a 62-page report entitled “A cannabis world… and more people are living in it.”

The opening line “Cannabis has been vilified, but as governments re-assess economic, social, and medical benefits, we estimate a global $166bil industry is emerging from the shadows,” sets the overall tone of the highly informative and detailed report that covers a global financial current snapshot and future projections along with a high degree of cannabis education as a necessary accompaniment.

Green Market Report combed through this detailed report to find some poignant highlights brought forth by Bank of America Merrill Lynch in their analysis of the growing global cannabis market:

Global Current Worth and Future Worth

The report estimates the total addressable market (TAM) to be $166 billion, with $150 billion being housed in illicit markets. This is comparable to BDS’ estimate of the current legal market worth being $15 billion in 2019.

Global Cannabis Market Cap

With the top 4 cannabis companies in the world being Canadian Licensed Producers (LPs), the current global cannabis market cap is $150 billion across 150 companies worldwide.

Canadian Cannabis Stocks & Retail Value

BAML quotes Canada’s legalization process as “a choppy start”, with retail stores bringing in an average of $50 million per month between November 2018 and January 2019. They cite the lack of retail stores within Canadian provinces and cities as a challenge that is preventing further financial growth.

U.S. Cannabis is the Largest Global Market

The U.S. based publicly traded cannabis companies account for $25 billion in market cap – roughly 1/3 of the global sector’s value. In the U.S. 73% of all licenses are in 5 states.

Mergers, Acquisitions & Capital Raises

The report detailed that there had been an increase of 108% year over year in mergers and acquisitions for 2018. In 2018 there were 245/74 public/private transactions vs. 121/32 public/private transactions in 2017. There were 597 capital raises (an increase of 295% year over year) in 2018 vs 436 in 2017.

Potential for Canadian Investment in U.S. Companies

BAML makes a strong suggestion that Canadian companies invest in U.S. companies before the federal laws change, citing CBD as the first investment opportunity and “locking in” asset prices for companies that won’t be active until laws change as another way to take advantage of investing in U.S. companies.

Product and Brand Development as Key

In their projections, BAML offers that product and brand development will have the highest margin potential, with innovation being a key indicator. Specific brand and product development innovation indicators include products with increased bioavailability and those who have demonstrated onset/offset.

Areas Exposed to Market Risk

While all areas of cannabis are proving to have short-term results, BAML predicts that cultivation, extraction, distribution, and retail will have significant future challenges due to low market structure. Among the factors affecting this future, change is the improvement of the supply chain, predicting cannabis supply will surpass domestic consumption by 2021. This will result in “pricing pressure” and lower pricing and cultivation margins.

Within these areas of future risk, it’s predicted that extraction companies have a current advantage due to high demand in the near-term, but in the long-term do not offer a competitive advantage, unless they evolve into their own brand and product development. Distribution companies have a current advantage with brands that resonate with consumers, but due to low margin structure may not have a long-term advantage. Existing retailers have a profit advantage due to their scarcity, yet they too will become affected by the pricing pressure.

Cannabis as a “Disruptive Ingredient”

BAML calls cannabis a “disruptive ingredient” with a $600 billion potential in North America. The report expects that we’ll be seeing more of this disruptive ingredient in energy and sports drinks, pharmaceuticals, beverages and alcohol, and skin care. Globally, cannabis could potentially be a disruptive ingredient to the tune of $2.6 trillion.

CBD as Key to Increased Spending

Not surprisingly, BAML credits CBD spending as one of the largest sources of global growth, with $6.6 billion in global spending on CBD growing to $39.2 billion by 2032.

If anything, this report demonstrates a significant paradigm shift from cannabis once being the green villain, to now bringing green dollar signs to the eyes of the financial industry’s biggest giants.

 


Caroline CahillCaroline CahillApril 5, 2019
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5min26090

The CBD industry has been moving full steam ahead in 2019, bolstered by the 2018 Farm Bill and advancements on the federal level to ensure cannabis banking services, but that progress hasn’t been enough for some financial services institutions to continue working with the industry.

On March 14, 2019, Elavon, a payment processing subsidiary of U.S. Bank, notified its hemp and CBD clients that it had recategorized hemp and cannabidiol-based merchants as a prohibited business type and that accounts for such merchants would be closed within 45 days.  

“After several months supporting this merchant segment, it has become clear that the pace of an evolving Federal and State regulatory framework makes it extremely difficult to validate the qualifications required to operate within this industry,” said Elavon in an email to its hemp and CBD clients.

As an Elavon partner, FINCANN, a cannabis banking financial network, received Elavon’s notice and began sourcing solutions for its clients at once.

“We immediately reviewed remaining available options and within 24 hours had viable USA-based excellent alternatives available,” said Nathaniel Gurien, founder and CEO of FINCANN. “Since Elavon is not terminating their existing portfolio of CBD merchants until May 15, some merchants opted to immediately apply to one of our alternatives, others decided to wait and see until at least mid-April.”

Elavon isn’t the only merchant services provider rethinking its hemp and CBD clients. On March 19, Cannovia, a maker of CBD-infused products, was notified by Stripe that its account would be terminated. Having just launched its online storefront on March 14, Cannovia attempted to appeal Stripe’s decision but was denied.

“Prior to the notification of the merchant services cancellation, we were not fully aware of the limitations of the banking industry to support the needs of the CBD industry,” said Brian Baum, the CEO of Cannovia.

With both Stripe and Elavon out of the picture, Cannovia soon learned that finding a merchant services provider on its own wouldn’t be easy.

According to Baum, “What became clear was that the options were limited and any banks willing to consider supporting the industry were beginning to utilize the services of intermediaries such as FINCANN to assist them in managing the sheer volume of entities looking for merchant services solutions.”

Linking up with FINCANN to secure a new merchant services provider allowed Cannovia to remain operational and avoid any major interruptions.

Meanwhile, both financial institutions and industry stakeholders continue to keep an eye on the SAFE Banking Act, which would provide certain protections for depository institutions that work with cannabis-related businesses as well as the businesses themselves. The House Committee on Financial Services is currently drafting a report on the act to present to the House of Representatives. If the full House approves the bill, the Senate will vote on it.   

“If the SAFE Banking Act overcomes its estimated 40% likelihood of passing the Senate, it will only encourage banks currently contemplating ‘dipping their feet into the water’ to ‘take the plunge,’” Gurien said. Once financial institutions take the plunge, legal cannabis-related businesses will be able to bank just like any other legal business.

 


Debra BorchardtDebra BorchardtMarch 28, 2019
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3min12560

The House Financial Services Committee voted 45 to 15 to advance the Secure and Fair Enforcement (SAFE) Banking Act. Currently, Federal law prohibits banks from providing banking services to cannabis companies since cannabis is illegal despite some states legalizing cannabis.

Today’s legislation would keep regulators from taking punitive action against a bank that works with a cannabis business like limiting their charter or deposit insurance when the state has legalized cannabis. In addition to protecting banks in legal states, the legislation seeks to promote diversity by making bank regulators to make annual reports on the availability of banking services to minority and women-owned cannabis companies. The legislation was sponsored by Rep. Ed Perlmutter D-Colo.

While the vote is considered to be a huge step and a sign of progress, it would still need to pass a full House vote and then move to the Senate to be approved.

“It’s clear that the SAFE Banking Act has a high likelihood of passing in the house,” said Kyle Sherman, CEO of cannabis tech company Flowhub. “With limited bipartisan support, however, it’s unlikely to pass the Senate. Either way, it’s imperative that cannabis companies get better access to banking like any other developed industry. I’m cautiously optimistic about SAFE.”

Manny Perez, who is the Vice President of Marketing at the cannabis data company Headset said, “Allowing banks to service cannabis businesses in legal states will help bring the industry forward. Providing access to bank accounts, transfer services, and debt financing, just to name a few, will be key to lower cost of capital; not to mention the end of the over-risky cash-only business practice.”

Not only would the effects be felt at the transactional level and on the capital raising end as Perez noted, but it will also have an effect on research funding. “This will open the door to more funding for medical marijuana companies that are developing first-in-class therapies for auto-immune diseases like rheumatoid arthritis, multiple sclerosis and more,” said Alex Somjen, the CEO of Resinco Capital Partners.

R.J. Lehman, the director of finance, insurance, and trade policy at R Street also pointed out that a 2017 report from the Wharton Public Policy found that half of all cannabis dispensaries had been robbed or burglarized.  “Extending credit to an indirect affiliate of a legitimate cannabis business or even counting the income of an employee as collateral for a home or auto loan could potentially trigger sanctions,” Lehmann said. “The SAFE Banking ACT would provide predictability and transparency to the lending market in an era of shifting and sometimes contradictory legal norms around cannabis.”


Debra BorchardtDebra BorchardtFebruary 11, 2019
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4min11121

Editors Note: You can follow all current legislation for free under the Green Market Report Legislation tab.

On Wednesday this week, Congress will hold a hearing on banking services for the cannabis industry. This is the first hearing to be held by the new Congress that will begin tackling the issue of banking for cannabis companies.

Businesses that work in states where cannabis has been legalized continue to struggle with financial institutions. The major credit card companies of Mastercard and Visa refuse to work with cannabis companies since it is still a federally illegal product. The major banks in this country also decline to bank these companies even though some are publicly traded entities with market capitalizations in the billions. Cannabis companies have turned to local banks and credit unions for their banking needs. Payment options are a pieced together with various solutions, but they aren’t ideal.

Attorney Brady Cobb met with House lawmakers last week and is actively engaged with the legislative process. “With the opposition out of the way, we can finally make some progress,” said Cobb. He was referring to the ouster of Pete Sessions, who continually refused to bring cannabis legislation to the floor for a vote. Cobb said that the committee’s existing members were supportive and expect new members to be positive as well. The hearing will be available on CSPAN.

This comes on the heels of the creation of a new lobbying group called the National Cannabis Roundtable that is being chaired by former Speaker of the House John Boehner. The Speaker sits on the board of Acreage Holdings Inc. (ACRG.U). That group is also working towards getting laws changed to favor more traditional banking.

Marijuana Moment reported that the people scheduled to testify include Corey Barnette, owner of the District Growers Cultivation Center and Metropolitan Wellness Center, which produce and sell medical cannabis in D.C., California State Treasurer Fiona Ma, Rachel Pross, the chief risk officer at the Oregon-based Maps Credit Union and Greg Deckard of State Bank Northwest in Washington State representing The Independent Community Bankers of America. In addition to that, Major Neill Franklin, a retired Maryland police officer who serves as the executive director of Law Enforcement Action Partnership (LEAP) looks to be on board.

While it would be great news for cannabis companies and dispensary owners to finalize use a major bank or take a debit card for a transaction, it could spell trouble for others. A whole cottage industry has sprung up in order to solve the banking problems for cannabis companies. It’s possible that by opening up the system, these companies stand a chance of getting acquired by bigger banks who want to get a quick foot in the door.


William SumnerWilliam SumnerSeptember 19, 2018
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4min8981

Will the world of banking ever catch up with the marijuana industry? That was one of the many questions asked and answered at the Green Market Summit, which took place on September 14, 2018. The culmination of these experts has led to the publication of The Economics of Cannabis Banking by the Green Market Report.

Starting off the summit was a discussion panel on the state of banking in the marijuana industry, moderated by Tahira Rehmatullah, Chief Financial Officer of MTech Acquisition Corp. The panel featured a distinguished collection of marijuana and financial experts, including Matt Karnes, Founder and Managing Partner of GreenWave Advisors, LLC; Tyler Beuerlein, Executive Vice President of Business Development at Hypur Inc.; and Andre Herrera Vice President of Banking & Compliance at Hypur Inc.

The discussion began with Herrera laying out how marijuana businesses are defined under the FinCen document BSA Expectations Regarding Marijuana-Related Businesses, explaining that there are three different tiers. The first tier involves operators that directly touch the cannabis plant, such as cultivators. The second tier is understood as businesses that provide ancillary services to the industry. The third tier provides professional services to the industry, such as real estate agents or software providers.

Quickly the panel turned its focus towards the landscape that many marijuana-related businesses face, and why many financial institutions are hesitant to work with the industry.

“This is a highly regulated, cash-intensive industry,” explained Beuerlein. “Not only is the financial institution’s charter on the line, but also the officers of a financial institution have personal liability when banking these industries.”

Beuerlein went on to emphasize the importance of transparency when it comes to marijuana-related businesses banking with financial institutions and how his company, Hypur Inc., helps increase that transparency through its technology platform.

The conversation then started to turn towards the future of marijuana-related banking and the future of companies like Hypur that help facilitate relationships between financial institutions and the marijuana industry. Karnes was positive about the future, stating that marijuana would be treated like any other business once prohibition is over; although he did note that there would still be a need for companies like Hypur, albeit to a lesser extent.

When asked about the idea of creating a financial institution solely for the purpose of banking with the marijuana industry, however, Karnes was less than optimistic.

“I don’t think it’s practical,” Karnes said. “If a new bank were to open up, by the time the costs were incurred, and everything was up and running, prohibition will probably be over. So, what’s the point?”

Bookending the discussion, Herrera presented a positive outlook for the future of marijuana-related banking regardless of whether prohibition is quickly ending, noting that conditions are drastically different from where they were several years ago.

“I see attitudes changing. About three years ago I was at a bank association conference and anytime I would mention marijuana it would be like crickets. You couldn’t get anyone to talk about it,” said Herrera. “About a year later, they asked me to speak at their event.”

Stay tuned to find out more about happened at the Green Market Summit, as the Green Market Report gives you an in-depth look at the event throughout the week. For a general recap of the event, please click here.


William SumnerWilliam SumnerApril 6, 2018
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3min12400

Cannabis blockchain is coming to the Empire State. On April 6, 2018, Alternate Health (AHG), a software solutions provider specializing in the medical cannabis industry, announced that it is expanding its StatePass medical cannabis Electronic Medical Records (EMR) blockchain system into New York and that physician onboarding and initial service testing has already begun.

“We have already identified several cannabis physicians to begin service testing StatePass in New York, where they will use the EMR for their current cannabis patients and provide feedback so our programming team can optimize the system for statewide use,” commented Dr. Michael Murphy, Chairman, and CEO of Alternate Health. “Based on the positive feedback we have already received from physicians, we are confident that our presence in the New York market will expand rapidly.”

Currently, StatePass is the only EMR and blockchain enabled software platform on the market designed specifically for the medical cannabis industry.

Focused primarily on regulatory compliance and improving patient outcomes, physicians are able to personalize patient treatment options with built-in automated compliance reporting, which can be helpful in highly regulated medical cannabis states like New York. Patient information is recorded through a distributed blockchain ledger, making it extremely difficult to tamper with or steal patient data.

The company’s expansion into New York follows the initial roll-out of the original system, CanaPass, and FlorPass, which is specifically a software adaption for the state of Florida. Recently, FlorPass was endorsed by the American Medical Marijuana Physicians Association.

“Our New York team is working closely with physicians to familiarize them with the StatePass system and demonstrate how it can be a tremendous asset in enhancing their medical cannabis practices,” said Jay Briggs, Vice President of Operations for Alternate Health. “We are very excited to continue developing our network of physicians and industry experts as we deliver a best-in-class EMR solution.”



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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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