FOR IMMEDIATE RELEASE
September 25, 2020
Helox Payments Platform offers an alternative system for cannabis payments to help businesses graduate from a cash-based system to a more sophisticated method of payment.
THOUSAND OAKS, Calif. — Monarch Technologies introduces the Helox Payments Platform, an evolutionary bank-to-bank transfer system, for businesses in the cannabis industry. The secure system works with more than 10,000 financial institutions globally and offers an effective alternative to cash payments. While the hemp growing and selling arena has exploded over the last few years, banking systems have been lagging behind in providing well-working systems. Monarch assists banks in building deposits by opening DDA accounts for legitimate cash management services for fully licensed hemp and CBD farmers, growers, distributors, wholesalers, manufacturers, and dispensaries.
“Currently, due to federal law restrictions on THC, the legal cannabis industry is an underserved market for traditional banking, cash management, and payment options,” said Christian Fea, CEO of Monarch Technologies. “The Marijuana-Related Business (MRB) sector has traditionally been a cash-only sector. However, our new Helox Payment Network uses various banking charters to allow bank-to-bank payment options for the MRB operator in a safe, legal, and cashless environment.”
Through the Monarch Bank Federation Network, a legal and compliant deposit acceptance and transfer system has been developed for cannabis and THC payments. The money transmittal service offers customized banking for the CBD, THC, and cannabis industries, which can grow with each business. With the Helox Payments Platform, the cannabis and MRB industries may easily transition from a majority cash-based transaction model into a more secure, transparent, and trackable method of payment from the retail dispensary to the farm or grow operator.
Monarch Technologies helps cannabis business owners stay on top of the ever-changing compliance regulations at both the state and federal levels. The Helox Payment Platform is available today as a cannabis banking model. This new option will assist in the continual process of allowing MRB owners to legitimize their businesses and to have access to traditional banking and cash management services.
Monarch is launching an early adopter program for the Helox Payments Platform starting on October 15, 2020. This will allow dispensaries, growers, farmers, distribution services, and lab owners to start using the safe system as an alternative to cash. Visit https://monarchtech.as.me/schedule.php to schedule a demonstration.
About Monarch Technologies, Inc.:
Monarch Technologies has developed a proprietary business banking platform for the hemp and CBD industry. As a fully licensed Money Transmittal Service Provider, the company helps the MRB sector navigate compliance, taxation, and payments in the developing field of the legitimate hemp industry. Monarch strives to solve issues with its compliance-driven SaaS platform while reducing risks for hemp and CBD business owners and financial institutions. Go to https://www.monarch.is/ to learn more.