Bloomberg, Yahoo! News and Time highlight the new partnership between premier security firm MPS International (MPSI) and CannaNative.
General Hemp is proud to announce a partnership between its subsidiaries, MPS International (MPSI) and CannaNative. In the agreement, MPSI, the premier security firm in the cannabis industry, will provide security services to the American Indian tribes and cannabis businesses that are aligned with CannaNative, a company dedicated to helping tribes develop hemp and cannabis-based economies.
The exciting alliance between MPSI and CannaNative was recently covered by major publications Bloomberg Business ("Where to Stash Cannabis Cash? Tribal National Bid to Bank It") and Yahoo! News ("Colorado's monthly marijuana sales top $100 million"). Fortune Magazine and Time.com ("Tribal nations may want to stash your marijuana cash") picked up the Bloomberg article. In addition, Cannabis Business Times, Morning Star, Weed Worthy, Republic Buzz, Yes We Cannabis, Weed Bay, and Omni Feed covered news of the partnership. Indian trade publications Pechanga,net, Indianz.com, and Red Lake Nation News also published features on the alliance.
The partnership will not only allow tribes within CannaNative’s umbrella to utilize MPSI’s services, but will also open the services and a financial institution opportunity for cannabis businesses throughout the country. Because cannabis is federally illegal, just 220 of more than 7,600 banks and credit unions in the country will accept money from cannabis industry businesses. CannaNative will link these legal cannabis businesses finance professionals with tribal leaders from 566 sovereign American Indian nations, which will use the expertise they’ve gained from years of managing casinos to set up legal financial institutions.
“The Indian casinos are basically small little banks,” CannaNative partner Anthony Rivera recently told Bloomberg Business. “They receive deposits in the form of gaming, and they manage that cash in a way which is highly regulated with commissioners and regulators.”
MPSI will manage and protect the cash revenue of those tribes and organizations that partner with CannaNative, potentially saving hundreds of thousands of dollars normally spent on the transportation of cash with armed vehicles and building and management of high-tech vaults.
"The federal government and these banking laws are making it so that people have to walk around with tens of thousands of dollars in their businesses, in their cars, in their homes, putting these people in danger," Michael Julian, CEO of MPS International, told Bloomberg Business. MPSI will offer security solutions, including armored transport of cannabis inventory and cash.
"MPSI is proud to share our knowledge of and experience in the cannabis industry with tribal nations that choose to align with CannaNative," Michael Julian, Chief Executive Officer of MPSI states. "We feel that tribal nation have the blueprint - and many have a proven track record - to successfully handle the significant intake of cash from the rapidly growing cannabis industry."
The MSPI and CannaNative partnership offer an exciting solution for businesses in the booming cannabis industry, which research firm The ArcView Group projects to reach $10 billion in legal sales by 2018. Recent sales data from the Department of Revenue in Colorado reports that in the month of August, recreational and medical marijuana sales combined for $100.6 million in marijuana sales-- the highest monthly total since recreational sales began in January 2014. In Washington, recreational marijuana sales will likely reach over $300 million this year, according to data from the state Liquor and Cannabis Board. In Oregon, recreational marijuana retailers hauled in an estimated $11 million in the state's very first week of recreational sales.
Currently, recreational marijuana is legal in Colorado, Washington, Alaska, Oregon, and Washington DC. Twenty-three states have medical marijuana legislation. New states are expected to vote on additional legalization measures in upcoming elections.