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Groundbreaking Company ALTA Disrupts Medical Marijuana, Cannabis Industries with Digital Payment Technology, Gains Arizona FinTech Sandbox Approvals
ALTA helps legal cannabis businesses process digital payments outside of traditional banks.
An Arizona startup, ALTA, is looking to revolutionize and disrupt financial technology (FinTech) for medical marijuana dispensaries and all other businesses serving the legal cannabis industry.
ALTA has taken a big step forward and has been approved by Arizona Attorney General Mark Brnovich as part of the state’s FinTech Sandbox program. The Sandbox program allows innovative and start up financial technology companies to test out their business models as they get licenses and regulatory approvals. Companies in the FinTech Sandbox are approved by the Attorney General’s Office.
ALTA is rolling out a patented digital payment technology that helps medical marijuana and cannabis companies process transactions as well as pay bills, suppliers and taxes. Right now, many of those companies operate as cash-only businesses because banks won’t do business with them due to varying treatments of cannabis by federal and state laws.
ALTA will begin its groundbreaking innovative effort in Arizona.
Advances in technology that provide cannabis business owners with resolution to the hurdles and complications caused and incurred by the lack of consistent access to traditional banking and financial services is always welcome. These business owners incur an incredible amount of additional costs, fees and expenses, which no other legal industry is forced to bear. We look forward to learning more about ALTA Solutions and the services they provide and of course we love that they are an Arizona based business.
“The cash economy for legal cannabis in Arizona exceeds $350 million annually. These are legitimate companies, innovators and entrepreneurs that are forced to operate in cash. We offer them peace of mind. Our digital payment technology lifts the burdens of having to operate solely through cash and makes our communities safer.” said Sarah Wessel, co-founder and COO of ALTA. She founded the company with CEO Jesse Forrest.
Operating in all-cash can add as much as 20 percent in extra costs for a business and causes massive safety risks. As much as 70 percent of medical marijuana businesses are unbanked. Other digital payments companies require a bank account.
The new technology allows cannabis companies to pay state taxes digitally and provides electronic verification of revenues. “ALTA was built to fit within all regulatory framework of the banking industry. We know where the money came from, who has it, and where it went, which is something banks can’t do. This is how we solved the problem.” Forrest added.
ALTA is the 7th company to be granted Arizona’s FinTech Sandbox status since the program launched last year. The program helps new innovative businesses and technology get to market.
“We are honored to be part of the Arizona’s FinTech Sandbox. The program shows the great innovation happening in Arizona. We are helping solve a big challenge for medical marijuana dispensaries and hope Arizona can be a national model for solving the banking problems in the legal cannabis industry,” Wessel said.
For more information on ALTA Solutions LLC: http://whatisalta.com/
Twitter: @alta_financial https://twitter.com/alta_financial
Instagram: altafinancial https://www.instagram.com/altafinancial
ALTA’s LinkedIn: https://www.linkedin.com/company/altafinancial
Sarah’s LinkedIn: https://www.linkedin.com/in/sarahwessel/
Jesse’s LinkedIn: https://www.linkedin.com/in/jesserobertforrest/
For Media inquiries please contact Mike Sunnucks at MSunnucks@RoseMoserAllynPR.com or call 623.760.5543