GreenMed Whitepaper

Abstract

Our mission
Our mission is to provide electronic and credit card payments for the medical marijuana industry.
“Medical marijuana sales are projected to grow from $4.7 billion in 2016 to $13.3 billion in 2020” [1]
With twenty-eight states where medical marijuana is now legal, and eight others where recreational
marijuana is also legal, customers are still unable to make purchases without first making a trip to an
ATM.

Due to federal regulations medical marijuana companies are unable to process electronic payments or
use traditional banking. They are forced to only accept cash payments. “[…] An estimated 70% of medical
marijuana companies do not have bank accounts.” [2]

This excludes many consumers who often do not carry cash and instead prefer to pay for purchases
with the swipe of a card or the wave of their phone.

As cash-only operations, the legal marijuana industry is every day losing out on potential new business
transactions and revenues from the card-paying public. Also the legal marijuana businesses face greater
security risks and the excessive costs of constructing highly secure facilities and providing round the
clock surveillance and protecting merchandise and assets. This is an unsustainable burden particularly if
the industry is to remain competitive and profitable in the long run.

Banks will however work with a cryptocurrency token company. As a company we use cryptocurrency
token purchases to facilitate debit card, credit card, and EFT transactions between customers and
dispensaries. We process all USD based transactions and allow dispensaries to accept traditional fiat
payments. Whenever a customer is initiating a purchase with a credit or debit card, GreenMed
processes the transaction as a token sale. The GreenMed app then transfers the token to the
merchant’s wallet, and then converts it to USD to finally end-up in a bank account or the GreenMed
debit card.

GreenMed Website
GreenMed Whitepaper

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