SOURCE: Blue Line Protection Group

Blue Line Protection Group

November 19, 2014 13:06 ET

Blue Line Protection Group Teams Up With Colorado Bank to Bring Compliant Banking Services to Cannabis Industry

DENVER, CO--(Marketwired - Nov 19, 2014) - Blue Line Protection Group, Inc. "Blue Line" (OTCBB: BLPG) (OTCQB: BLPG), a leader in providing regulatory compliance, security consultation and protection services to high-value asset industries, today announced that lawful marijuana businesses will now have the opportunity to obtain full-service, legitimate bank accounts through its joint venture with a Colorado bank.

"Transparent banking services are what the cannabis industry has been waiting for," said Sean Campbell, Blue Line's Chief Executive Officer. "With more cannabis businesses coming online daily and additional states legalizing marijuana use, our goal has been to help establish banking relationships between these lawful businesses and full-service banks. With this announcement, these businesses finally have the chance to overcome this barrier to success and have the opportunity to obtain access to banking services."

"Banks have been very reluctant to open accounts for cannabis businesses," said Dan Sullivan, Blue Line's Vice President of Sales and Training. "Federal guidance requires banks to validate the entire operation of each client they consider, from the business' customers, to the correct payment of taxes on sales, and everything in between. Now, Blue Line will enable the bank to have the on-site compliance verification it needs to ensure that the clients it banks are following all necessary state and federal guidelines."

Until now, most state-licensed marijuana businesses have been forced to handle their cash earnings by managing their businesses and payroll systems only using cash.

"Businesses that operate only with cash have three major problems. First, the systems and paperwork required to track the cash create an enormous expense in terms of labor and professional fees," said Ricky G. Bennett, Blue Line's Vice President Operations and Compliance. "Second, employees who get paid in cash often aren't able to provide any proof of income when they try to make large purchases, like vehicles or homes. They're caught in a situation where they may be making a decent living, but they're not building the credit and income history that employees of other non-marijuana businesses are able to do. That's not good business, and it doesn't build a proper support structure for employees and their families. Finally, until their cash revenues are in the banking system, it's incredibly difficult for these businesses to fully utilize their profits for growth, further creating opportunity for job creation and reinvestment."

"We recognize that the cannabis industry needs a transparent and compliant banking system to support their lawful businesses," added Mr. Sullivan. "We're pleased to be able to respond to that need, and we will ensure that the clients we validate will remain fully compliant with all of the various Cole Memo, FinCEN, banking, Patriot Act and BSA guidelines."

Blue Line's banking partner will be running beta test accounts for select cannabis businesses beginning in December, with the objective to begin offering banking services for all qualified clients beginning in January 2015. Blue Line Protection Group will provide the necessary on-site compliance services to ensure that these clients are operating according to local, state and federal guidelines on an integrated business. Blue Line investigative personnel will provide ongoing compliance assessment reports to the bank based on their on-site audits and investigations of the businesses, their operation procedures, and customer and product sales tracking methods. Customers using the process will be supported in meeting compliance requirements resulting in business security and the ability to have traditional business services.

"We want the lawful cannabis industry to know that they now have a legitimate and transparent banking option here in Colorado," added Mr. Campbell. "It's been a long time in development, but we know we've created the investigative and verification framework necessary to ensure that we can build strong, lasting relationships with these legitimate marijuana businesses and make the industry as a whole more profitable."

About Blue Line Protection Group, Inc.

Blue Line Protection Group provides secured transportation, state and federal regulatory compliance, security consultation and training, and professional protection services to high-value asset industries. The company's security operators, investigations personnel and consulting staff are highly trained professionals with significant experience in law enforcement and the United States armed forces. 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.

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