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 THC, CBD and 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 THC, CBD and hemp 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 cannabis banking solutions 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 November 15, 2020. This will allow dispensaries, growers, farmers, distribution services, and lab owners to start using the safe system as an alternative to cash.
“We are proud to add Canna Group Consulting LLC to our Helox Payments Platform early adopter program to assist us in our nationwide launch as a trusted and valued business partner,” said Christian Fea, Monarch CEO.”
“Their top-tier group of consultants and support team pairs perfectly with Monarch Technologies’ desire to provide cutting-edge, strategic marketing solutions in an industry that has been under served.”