Billions In Marijuana Dispensary Cash Need Not Be On The Streets
AZ AG Mark Brnovich Helped Establish Framework For Business Model
(PHOENIX) Arizona startup ALTA has opened for business and is addressing a security and tax collection crisis impacting Arizona’s multi-billion dollar cannabis industry.
Banking laws make it nearly impossible for the state’s legal marijuana industry to utilize typical financial services. After months of successfully meeting regulatory requirements, ALTA, is now providing financial services to dispensaries that allows them to pay bills and conduct transactions without the risk of being all cash.
The State of Arizona has approved ALTA’s patented digital payments technology clearing the way for dispensaries to pay bills, suppliers, and make other transactions securely and electronically.
ALTA was created thanks to Arizona Attorney General Mark Brnovich’s FinTech Sandbox program. The Sandbox program allows innovative start up financial technology companies to test out their business models as they get licenses and regulatory approvals. Now that it has officially launched, ALTA has successfully exited the Sandbox.
“The Sandbox program has allowed ALTA do to something incredible. We created a digital exchange that allows for instant payments using a digital asset that replaces cash, and everything adheres to existing banking regulations. There’s not many companies in the world that can say that!” said Wessel.
Now that it has successfully launched in Arizona, ALTA is planning to expand into other states.
“The utilization of ALTA is going to revolutionize how business is being done in cannabis. It makes it so much easier for retailers, wholesalers and vendors to conduct transactions. It’s like Venmo for businesses. We’re excited to be one of the first businesses to use ALTA in Arizona” said Rami Sweis President and Founder of Oasis Cannabis AZ.
“Given the lack of clarity at the federal level regarding banking in the cannabis industry, we are pleased to have the option to work with companies like ALTA, who provide services for our rapidly growing industry.,” said Harvest House of Cannabis CEO Steve White.
“Arizona’s FinTech Sandbox is the nation’s prototype venue of state government cooperation in fostering innovative technologies to benefit businesses, consumers, and regulators,” said Attorney General Mark Brnovich. “It was important for our office to bring the Sandbox to Arizona to reduce regulatory hurdles and allow entrepreneurs to more rapidly bring tested and proven financial technologies to market.”
“Everyday hundreds of thousands of dispensary transactions occur in Arizona alone, and every single one of them will happen in cash. This is the problem ALTA is solving. It’s absolutely revolutionary and something that the industry has been asking for from the beginning. We are so excited to be supporting ALTA,” said Samuel Richard, Executive Director of the Arizona Dispensaries Association.
ALTA is a digital payment network where cash intensive businesses pay each other using fixed-value digital tokens instead of cash. Services include armored car pickup. No bank accounts are needed to use ALTA.
For more information on ALTA: http://whatisalta.com/