Monarch Technologies today announced its partnership with the City of Lancaster to assist with fee collection and compliance of local cannabis businesses. The move will help streamline compliance and enforcement while increasing cannabis revenue for the city.
“By partnering with Monarch, Lancaster will finally have access to more accurate sales and compliance data in real-time,” said George Harris, Financial Director for the City of Lancaster. “Monarch ensures that our city receives correct cannabis revenue from businesses, and at a fraction of the cost of what it would take to do this in-house,” said Harris.
Since cannabis was legalized in California in 2016, significant tax revenue has been raised; however, for local governments, handling cannabis compliance and taxation is complicated, time-consuming, and expensive. The maze of requirements associated with the banking, taxation, and compliance of the ever-changing and highly regulated cannabis industry are overwhelming.
Monarch seeks to change that. With expert technology and a comprehensive platform, Monarch can quickly onboard cannabis businesses with legal banking, provide comprehensive oversight and compliance, and ensure that cannabis business taxes and fees are collected and paid on time.
“With MTA’s comprehensive platform, there’s a vast reduction in self-reporting requirements and in the delinquent tax and fee collection process for cities. Monarch makes it automatic, consistent and predictable.” said Christian Fea, Co-Founder and CEO of Monarch.
“As an emerging industry, legalized cannabis can be difficult and time-consuming for cities to implement and manage properly. We couldn’t be happier with our decision to partner with Monarch so that the revenue collection, compliance, and auditing aspects are handled seamlessly and accurately with very little time and staff resources,” said Jason Caudle, City Manager for Lancaster.
For local governments, Monarch’s service can be pivotal in helping them operate more effectively and efficiently. The Monarch program encourages local governments of all sizes across the state to reach out and learn more about how its proprietary system can support them with cannabis tax collection and compliance.
About Monarch Tax Authority: Monarch Tax Authority (Monarch) is a comprehensive and seamless tax payment and reporting platform for local and state governments to collect cannabis fees and tax revenue. In addition, Monarch gives municipalities access to accurate sales and compliance data in real-time, ensuring local governments receive correct cannabis tax revenue from businesses.
Monarch provides • Automated cannabis tax & fee collection • Cannabis-compliant banking • Real-time cannabis licensee data • Regulatory and audit compliance • Licensee oversight & enforcement • Elimination of delinquent cannabis tax payments and inaccurate self-reporting • Seamless collection of millions of dollars in cannabis revenue for municipalities.