DENVER, CO--(Marketwired - Nov 1, 2016) - Blue Line Protection Group, Inc. (OTC PINK: BLPG), a leading security and risk mitigation solutions provider for retail businesses and financial institutions serving the legal cannabis industry, is now providing a complete compliance, transportation and cash processing solution for banks and credit unions looking to enter the cannabis industry.
"We currently work with financial institutions by providing licensed, insured and bonded compliance investigations, transportation and currency processing services," said Dan Allen, Blue Line's CEO. "With the opening of our new vaulting and cash processing facility, we've been able to completely remove the burden of cash pick-up and processing from our banking partners, reducing their liability, streamlining their operations, and reducing their operating costs."
In August 2016 alone, cannabis sales in Colorado totaled a record $126 million, according to the Colorado Department of Revenue. Blue Line's new vaulting and processing headquarters, now open and fully operational, provides financial institutions with an independent, third-party solution to help them manage and process the millions of dollars flowing into Colorado's economy from legal cannabis sales.
Blue Line also helps ensure its financial institution partners remain in compliance with the federal mandates related to cannabis operations, including the Cole Memo priorities, FinCEN regulations, and BSA expectations regarding marijuana-related businesses. Blue Line's on-site, licensed compliance investigations provide its financial institution partners with risk assessment valuations on their cannabis-related clients, ensuring that the businesses are operating according to local, state and federal regulations.
"Compliance is key in this industry," said Ricky G. Bennett, Blue Line's Chief Operations and Compliance Officer. "Our licensed investigators have performed nearly 300 on-site assessments of cannabis businesses, helping our banking partners comply with federal mandates and helping to maintain the integrity of our clients' most valuable assets: their operating licenses."
As Blue Line expands operations into other states, it has already begun building relationships with regional financial institutions and state regulatory agencies entering the legal cannabis industry. To accelerate its expansion to other markets, Blue Line recently sold its operations property with the ability to lease back the facilities. "Streamlining our operations and reducing our overhead provides a model for deploying our operations into other markets quickly and in a financial responsible manner," added Mr. Allen.
Blue Line provides a complete suite of services related to currency transportation, processing and compliance for the lawful cannabis industry. Financial institutions interested in utilizing Blue Line's services may call 800-844-5576 or email Contact@BlueLineProtectionGroup.com.
About Blue Line Protection Group, Inc.
Blue Line Protection Group provides consulting, armed security, compliance and investigations, transportation and secure vaulting services to banks, businesses and government entities who need to protect their assets, licenses and clients. Blue Line serves banks and credit unions by providing currency processing and transportation solutions, and its risk mitigation services help financial institutions serving cash-intensive industries comply with federal "know your customer" mandates. For more information, visit www.BlueLineProtectionGroup.com.
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.