Monarch Technologies Partners with the City of Desert Hot Springs to Streamline Cannabis Compliance and Tax Collection

Newport Beach, CA — July 1, 2024 — Monarch Technologies, , a leading provider of cannabis payments, tax collection, and compliance solutions, today announced a new partnership between its tax management platform Monarch Tax Authority (MTA) and the City of Desert Hot Springs. The groundbreaking collaboration aims to streamline the city’s cannabis industry operations by enhancing regulatory compliance and optimizing tax revenue collection through integration of the MTA platform.

The City of Desert Hot Springs, known for being one of the first municipalities to embrace the burgeoning legal cannabis sector, currently oversees 46 cannabis licenses. Through this partnership, Monarch will implement its digital platform to manage all backend compliance efforts and oversee the collection of cannabis taxes, ensuring efficiency and reliability in revenue flow for the city. The platform greatly reduces the manual effort required by both regulators and cannabis business in calculating, predicting, and submitting the appropriate taxes. Given its digital mechanisms, the integration will also create a safer transaction between the city and cannabis operators, looking to increase efficiency and maximize the city’s resources. 

A Digital Solution for Cannabis Compliance 

Monarch’s sophisticated platform offers an unparalleled solution to the challenges faced by municipalities and cannabis operators in managing the complex regulatory and financial landscape of the cannabis industry. By automating tax and fee collection, ensuring cannabis-compliant banking solutions and tools, and providing real-time licensee data, MTA simplifies the regulatory burden on local governments. These tools seek to increase compliance and enforcement which increases cannabis revenue for the city. 

“Our partnership with the City of Desert Hot Springs is another example of how Monarch is modernizing and navigating a historically complex system to empower a more regulated and compliant cannabis industry,” said Christian Fea, CEO & Co-Founder of Monarch Technologies. “While municipalities continue to embrace this growing industry, implementing the necessary systems in this complex and highly regulated landscape can be especially daunting. With a patchwork of regulations both federally and locally, the cannabis industry is uniquely challenging for those unfamiliar with the challenges. That is where MTA comes in. We have created a digital solution to support both municipalities and cannabis operators navigate this complex web in terms of both compliance and banking and look forward to future partnerships similar to the one with Desert Hot Springs. 

Benefits for the City of Desert Hot Springs

This collaboration promises numerous benefits for the City of Desert Hot Springs including

automating tax and fee collection, streamlining of the collection process, provided accuracy, and decreased delinquency.

“We are committed to fostering a thriving, responsible, and compliant cannabis industry in our city,” said Frank Luckino, newly appointed City Manager of Desert Hot Springs. “Partnering with Monarch allows us to achieve this goal by leveraging their cutting-edge technology and expertise while reducing the internal resources we must commit to overseeing the tax and compliance components of our program. This is a win-win for our community and the local cannabis businesses.”

About Monarch Technologies, Inc.

Monarch Technologies, Inc. is a fully licensed Money Transmittal Service Provider. Currently, we are operating as a Fintech services provider for the legitimate Cannabis industry, serving businesses, governmental compliance entities, and consumers. We’ve developed a proprietary business banking compliance platform called Monarch. Monarch was built after years of industry research from client frustration and misunderstanding of how to handle compliance, taxation, and payments in the THC/CBD industry. After analyzing and diagnosing the banking industry and practices, we identified the need to solve these issues with a compliance-driven SaaS platform.

About Monarch Tax Authority

Monarch Tax Authority (MTA), a program by Monarch Technologies, 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.

For further information about Monarch Tax Authority and its services, please visit 

https://www.monarch.is/
mta@monarch.is 
805-312-7848