DENVER, May 13, 2014 /PRNewswire/ -- Cal-Bay
International, Inc. (OTC Markets: CBYI) Cal-Bay International,
today issued the following news release:
Cal-Bay International today announced the company has reached
agreement with an established USA
merchant account processing company for the development and
production of the "CB Green Card", a Pre-Paid Gift Card
& Loyalty Program under the Cal-Bay Financial Services
division. This system allows for the processing of the "CB Green
Card" through the dispensary CB terminal, for legally licensed
Medical & Recreational Marijuana dispensaries using a similar
type of platform used for leading Credit & Gift card processing
networks.
The majority of Legal dispensaries across the licensed states
within the USA are denied the
ability to process regular cards due to the unsure legalities
attached to the sale of Marijuana products even in the licensed
states. This restricts the purchase of the products to a
"cash-only" operation, which has caused severe problems for legally
licensed dispensary owners throughout the country, with only a
limited amount of cash being able to be deposited into the
USA bank accounts, due to the
state and Federal battles over the legality of the product(s).
Additionally the states are relying on the dispensaries' accounting
to fully document the huge amounts of cash being transacted to be
accurate in complying with state sales tax requirements and
payments for the Marijuana products sales.
Cal-Bay today signed a letter of Intent with an established US
Merchant Processing company for the creation and production of the
CB Green Card, a Pre-Paid Gift and Loyalty Program charge card,
using a closed loop network, which is intended for use with Legal
Dispensaries by way of an exclusive Cal-Bay Financial Services
processing terminal which will allow a seamless transaction for the
customer's purchase and would further create a full report for
the dispensary and transfer of funds from the sales to their US
banking institution, additionally showing a full sales reporting
operation to the tax collectors and at the same time legally
processing the funds to the dispensary's bank, as would a regularly
operating business transacting with a merchant card processing
account.
Cal-Bay CEO Robert Thompson today
stated, "I firmly believe we have found a legitimate solution on a
'state by state' basis for the reporting and accountability to the
tax collectors and at the same time introduced a simplified
cashless alternative to the dispensaries' customers, yet still
offering value with a 'Loyalty Rewards' program. This solution
offers a multitude of mutual benefits including increased sales for
the dispensaries, less cash on hand for security reasons,
accountability for taxation, legalized bank deposits and Loyalty
Program Rewards for the consumers, by issuing "CB Green
Cards" for each state use, and therefore not violating the
Federal transportation laws regarding the transfer of funds across
state lines."
Mr. Thompson further commented, "There are a significant number
of additional benefits available other than those outlined today.
The benefits to Cal-Bay's revenues from transaction processing and
profitability opens the door to one of the largest multi-billion
dollar financial services industries in the world. Cal-Bay intends
to be updating this information on the company's website on a
regular basis."
Subject to the completion of all due diligence between the
companies, The "CB Green Card" terminals and distributor
agreements are expected to be available for installation along with
purchase the "CB Green Cards" online, and at approved
locations, on the company's website during August 2014.
Additional updates will be available on the company's website
and by way of public Press Release distribution.
Relevant Links:
http://seattletimes.com/html/businesstechnology/2023555670_apxmarijuanabanking.html
http://www.huffingtonpost.com/2014/05/01/colorado-marijuana-banking_n_5247915.html
http://money.cnn.com/2014/01/24/news/doj-banks-marijuana/index.html
http://blog.mpp.org/tag/national-cannabis-industry-association/
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describe the Company's business strategy, outlook, objectives,
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such forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those in forward-looking statements. Cal-Bay International,
Inc.:
SOURCE Cal-Bay International, Inc.