On 22nd May 2014, it was announced that Advanced Content Services Inc – a holding company focused on electronic payment solutions and services, had formally signed an agreement with SinglePoint Inc. and GreenHouse Payment Solutions in order to create - GreenStar Payment Solutions.
The Board of GreenStar Payment Solutions is represented by executives from GreenHouse, SinglePoint and Advanced Content. The states that this team, has combined expertise in marketing and sales, as well as the payments industry itself, to foster successful market penetration.
- One of the competitive offerings GreenStar, will provide is the ability for Medical Marijuana dispensaries to accept debit cards at the dispensaries.
- This merchant segment is reported to have generated over $2 Bn in revenues last year.
- Virtually none of this was done through electronic payment devices such as credit and debit cards, however.
- Combined sales of legal recreational and medical marijuana in the United States is projected to reach more than $8 Bn by 2018, according to a new report by Marijuana Business Daily.
- This depicts data from the Marijuana Business Factbook, which forecasts that the 2018 retail marijuana industry could see an estimated $7.4 to $8.2 Bn in sales.
- The U.S. Government has agreed not to prosecute legal dealers as long as they meet eight requirements.
- In separate guidance, the Justice Department directed U.S. attorneys not to pursue banks that do business with legal marijuana dispensers as long as the dealers adhere to the guidelines issued in August 2013.
- Greenstar Payment Solutions has committed to operate in full compliance with the current administration's guidelines.
- GreenStar says that it transforms what is primarily a cash business into electronic payments.
- Its solutions will enable consumers to utilize debit cards and other forms of non-cash payments to make purchases.
- This provides mutual benefit for dispensaries as well as their customers.
- Chris Mills who was featured in a Wall Street Journal article earlier this year, is to be appointed as GreenStar CEO.
- As CEO, Mills will work with the team to aggressively harvest new customers with a brand positioned to serve as a non-cash solution for both legalized recreational and medical marijuana business owners.
Mills is a member of the National Cannabis Industry Association. He was appointed for his experience and expertise, including a strong network of industry relationships such as that with Denver Relief Consulting, which is renowned for its work to cultivate quality cannabis operations and industry leaders committed to advancing best practices. Chris has currently set up payment processing in over 100 medical marijuana dispensary clients in Colorado, Arizona and Washington State.
At the moment, Mills is actively working to secure additional customers for GREENSTAR, with plans to accrue 240 new merchant clients by end of year and between 500-1000 in 2015. Historically, on average, Mills reports $480 gross per account per month. These numbers equate to a multi-million dollar prospect on merchant business, not to mention potential verticals, over the next 1-2 years with near-term revenues imminent.
"The target of 240 accounts for 2014 measures to annual gross income of nearly $1.4 million. This is a monumental deal for all involved. I am sincerely impressed with our progress with much credit to Chairman, Mark B. Newbauer, who was responsible for bringing the parties together and has worked diligently on behalf of ADCS to bring us a Joint Venture that has already spawned additional opportunities for the JV moving forward," stated Thomas Wolff, CEO of ADCS, in press release.