LOS ANGELES, CA / ACCESSWIRE / October 24, 2019 / Banks and other financial institutions are gearing up for potential massive involvement with the marijuana industry after last month’s passage of the SAFE Banking Act by the U.S. House of Representatives.
While it remains unclear how the measure might fare in the Senate and if President Trump would sign it into law, the bill’s eventual passage would allow banks to add state-legal cannabis firms from all over the country as customers without fear of federal reprisal.
It also could subsequently free up capital access for marijuana companies and may even allow for increased trading in cannabis stocks on major U.S. exchanges, some industry watchers believe.
The next step for the SAFE (Secure and Fair Enforcement Banking) Act appears to be a likely Senate committee vote this fall. Senate Banking Chair Mike Crapo, an Idaho Republican, indicated he is increasingly positive about getting the bill up for a vote in the full chamber in 2020.
“It is gaining momentum, but what will really move the needle are the proposed rules coming out and what the banks will do then,” said Mike Kennedy, co-founder of compliance software company Green Check Verified, which is based in Connecticut.
“There are ongoing conversations with banks and there are more canna-curious companies. The bottleneck is actually launching a program.”
Publicly traded company Tech Central (OTC PINK:TCHC) announced its opinion on the SAFE Banking Act and how it is influencing its business model in anticipation of its passage.
Tech Central (TCHC) President Joseph Lewis stated, “We are anticipating its passage sometime in 2020 and believe when the SAFE Banking Act actually gets signed into law it will enable TCHC to further its transition into the marijuana side of the cannabis sector.”
Mr Lewis further stated “Recently we have seen companies such as Shopify and Square welcome CBD sales. This makes it easier for us to market our White Label Services to more clients. We’re in the process of developing several Shopify and Woocommerce storefronts for BetterMindCBD, and our clients to utilize. With Square now welcoming processing we feel that people that previously could not have qualified for a merchant account will now have the access needed to open a store through us and thus purchase products and services from us. These are all positive developments for TCHC, and we’re working hard to get ahead of it so that we can benefit the most we can. The growth of this sector continues to amaze us.”
About Tech Central
Tech Central is transitioning into the cannabis sector using its APP, Media and Web development background to launch its own line of original products called Better Mind CBD in addition to white label capabilities. Tech Central plans to integrate its already existing business of app development and content development into the CBD company to provide white label clients with a one stop shop for creating their own CBD brand.
Square, Inc. (SQ) provides payment and point-of-sale solutions in the United States and internationally. The company’s commerce ecosystem includes point-of-sale software and hardware that offers sellers to payment and point-of-sale solutions. It provides hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts Europay, MasterCard, and Visa (EMV) chip cards and Near Field Communication payments; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; Square Register that combines its hardware, point-of-sale software, and payments technology; Square Terminal, a portable payments device that replaces keypad terminals, which accepts various payment types, such as tap, dip, and swipe, as well as prints receipts; and managed payments solutions. The company also offers various software products, including Square Point of Sale, Square Appointments, Square for Retail, Square for Restaurants, Square Invoices, Virtual Terminal, Weebly, Square Dashboard, Square Loyalty and Marketing, and Square Payroll. In addition, it provides Cash App, which enables individuals to electronically send, store, and spend money; Caviar, a food ordering platform for restaurants to offer food ordering, pickup, delivery, and catering to their customers; and Square Capital that facilitates loans to sellers based on current payment and point-of-sale data. Square, Inc. was founded in 2009 and is headquartered in San Francisco, California.
Shopify Inc. (SHOP) provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing. The company was formerly known as Jaded Pixel Technologies Inc. and changed its name to Shopify Inc. in November 2011. Shopify Inc. was founded in 2004 and is headquartered in Ottawa, Canada.
Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Tech Central Inc (TCHC) is under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Chief Executive Officer
Better Mind CBD
SOURCE: Tech Central Inc.
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