Boston, MA, 03/07/2014 – On Tuesday, March 4, 2014, Citadel EFT Inc (OCTMKTS:CDFT) announced that it is seeking to provide a complete processing solution for the legal marijuana industry.
Citadel, which has been assisting companies for more than two decades with establishing a merchant account for credit card processing, is initiating the procedure to provide a complete real time fully electronic banking and payment solution designed exclusively for the legal marijuana industry. With this step, the growing business plan of the companies’ banking solutions could develop among the fastest growing industries.
In regards to marijuana related businesses, the U.S. Department of Justice had said on Feb 14, 2014 that financial institutions may provide services in this industry in such a way that their methods are consistent with obligations to know the identities of their customers. They must also report any possible criminal activity.
Citadel’s President, Gary DeRoos, said that the company seeks to offer solutions that would not require transactions with banks and would not use credit or debit cards or even ACH transfers. The company aims at bringing together this market with a real solution for the escalating marijuana industry such that there it offers safe and trusted commerce with compliance of state laws by being fully transparent to state officials. DeRoos said that he is determined to advance towards positive growth in implementing the company strategy as that shareholders can enjoy maximum return. With this strategy, he believes Citadel would be accelerating its growth plans.
A Growing Industry
Citadel EFT Inc (OCTMKTS:CDFT)’s management is also excited about the project which they believe to be promising and beneficiary to the shareholders of the company. The legal marijuana industry is of the approximate range of $1 billion to $1.5 billion per annum. The industry is expected to grow to around $40 billion to $120 billion with more and more states legalizing marijuana for medical as well as recreational use.