NEWPORT BEACH, CA--(Marketwired - March 02, 2017) - Vemanti Group, Inc. (OTC PINK: VMNT) reported today on its progress of previously announced plans to provide a comprehensive mobile commerce and payments service for the emerging cannabis industry.
Tan Tran, CEO stated, "It's common knowledge that due to concerns about the evolving conflict between federal and state laws, traditional banking and payment services have been mostly out of reach for the vast majority of cannabis businesses. Most financial institutions are reluctant to go to the expense of establishing and maintaining the type of thorough due diligence program for this emerging market at the present time in order to comply with strict compliance and regulatory demands. As a result, the majority of retail and non-retail cannabis-related transactions, including vendor payments and payroll, are almost exclusively paid for with cash."
Due to the outlined concerns, The Company intends to provide a technology platform empowering the legal cannabis industry to transact safely, securely, and remain fully-compliant via a cash-free mobile payments service. The Company recently signed a Memorandum of Understanding (MOU) with a well-established payment processor whose services mainly target clients with unique and special needs to co-develop a sustainable electronic payment service for the cannabis industry. It is also in active talks to partner with potential acquiring and merchant banks in a closed-loop banking program designed to help both financial institutions and dispensary owners create a legitimate business banking relationship that is fully compliant with current and future governmental regulations. The Company intends to first roll this service out in California which recently, with the passing of Proposition 64, has become potentially the single biggest recreational cannabis market in the world.
"Today, many cannabis-related businesses have to mask their true identity in order to bank and to accept electronic payments. Like many creative solutions currently available in the marketplace, that may work to some extent but it's not a realistic and sustainable solution over time. We want to provide an open, scalable, and fully-compliant solution to help dispensaries get the electronic payment services that every other normal business uses and with a direct worry-free banking relationship so they can focus on growing their business," commented, Tan Tran, CEO of Vemanti Group.
Over the past few months, the Company has been meeting with third-party professionals in the payment and banking industry to discuss its planned services and product offering. The Company has been well received; and, numerous discussions have been initiated and are ongoing.
"Given the regulatory challenges associated with this this fast-growing but yet complicated industry, setting up a workable payment service to meet -- and even exceed -- guidelines is hard work, but that is the right and only approach we want to take for the long term. We strongly believe our efforts will pay off and result in significant revenue opportunities for the company in the future. At this point, we are one step closer. We will continue to keep shareholders aware of progress as it happens as we are firm in our commitment to providing a workable and sustainable solution for this emerging industry," concluded Tran.
About Vemanti Group
Vemanti Group, Inc. (OTC PINK: VMNT) is a diversified holding corporation that's looking to be active in high-growth and technology-driven markets. The company plans to grow by adding value-added and fundamentally-sound businesses to their portfolio. For details on Vemanti Group, Inc. and its portfolio, visit www.vemanti.com.
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Forward-looking statements are projections of events, revenues, income, future economics, research, development, reformulation, product performance or management's plans and objectives for future operations. Some or all of the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control.