Medical Marijuana, Inc. is pleased to announce its subsidiary MPS International (MPSI) has partnered with CannaNative, a business that uses cannabis to develop opportunities for economic development on American Indian lands. In the agreement, MPSI will provide security services to tribal cannabis businesses aligned with CannaNative. In addition, other cannabis companies throughout the United States will have the opportunity to connect with CannaNative and use MPSI to transport cash revenue to banking systems offered on tribal lands.
The exciting MPSI and CannaNative alliance was recently covered by major publications Bloomberg Business (“Where to Stash Cannabis Cash? Tribal National Bid to Bank It”) and Yahoo! News (“Colorado’s monthly marijuana sales top $100 million”). Fortune Magazine and Time.com (“Tribal nations may want to stash your marijuana cash”) picked up the Bloomberg article. In addition, Cannabis Business Times, Morning Star, Weed Worthy, Republic Buzz, Yes We Cannabis, Weed Bay, and Omni Feed covered news of the partnership. Indian trade publications Pechanga,net, Indianz.com, and Red Lake Nation News also published features on the alliance.
MPSI will manage and protect the cash revenue of those tribes and organizations that partner with CannaNative. The U.S. Treasury Department states that just 220 of the more than 7,600 banks and credit unions in the country accept money from cannabis industry businesses due to marijuana still being federally illegal in the United States. Marijuana businesses are only legally allowed to accept cash, so without a bank to manage it, they’re faced with significant security concerns.
The MPSI and CannaNative partnership will potentially save legal marijuana businesses hundreds of thousands of dollars typically spent on protecting the transportation of cash with armed vehicles and armed guards and the building and managing of high-tech vaults.
“The federal government and these banking laws are making it so that people have to walk around with tens of thousands of dollars in their businesses, in their cars, in their homes, putting these people in danger,” Michael Julian, CEO of MPS International, told Bloomberg Business.
MPSI will offer security solutions, including armored transport of cannabis inventory and cash.
“MPSI is proud to share our knowledge of and experience in the cannabis industry with tribal nations that choose to align with CannaNative,” Michael Julian, Chief Executive Officer of MPSI states. “We feel that tribal nation have the blueprint – and many have a proven track record – to successfully handle the significant intake of cash from the rapidly growing cannabis industry.”