mCig Inc. (OTCMKTS:$MCIG) has announced that it has partnered with cryptocurrency firm Render Payment Token to create a record of financial transactions from seed acquisition to product delivery.
mCig is a Henderson, Nevada-based company servicing legal cannabis, hemp, and CBD markets. It does so though lifestyle brands. The company recently transitioned from manufacturing vaporizers to manufacturing as a large-scale, full-service cannabis cultivation company.
With recent global trends towards the legalization of cannabis, producers such as mCig have been looking to create an infrastructure to produce, market, and distribute cannabis and cannabis products to the growing market. One of the problems, however, is developing a healthy reputation in the previously illegal sector. This has caused some financial difficulty for the cannabis industry.
mCig’s partnership with the crypto-token Render Payment Token will allow the company to create an easy-to-track record of all financial transactions for the company. Render Payment is an Ethereum-backed crypto-currency that utilizes blockchain technology to meet mCig’s needs.
Render Payment represents the first attempt at creating an organization that will leverage smart contracts built on the blockchain to create and foster a financial service platform for high-risk merchant services. mCig is hoping that this partnership will be the solution to the problem currently faced by more than 33,000 cannabis businesses worldwide.
Render Payments Chief Operations Officer, Eric Jaffe, said, “Our relationship with mCig has been a long time in the making. Passing this milestone just as our ICO is preparing to launch solidifies some significant opportunities. The digital world is merging with the real world, and it’s happening as we speak. Its convergence is expanding capabilities and optimizing the quality of life for all while supporting innovation and discovery.”
“With mCig’s projections of $10M in revenue this year, and based on their current growth rate, we believe this payment processing solution will provide considerable revenue for us and vast savings in merchant fees for MCIG and its customers for this year and many years to come,” Jaffe added.
mCig chief executive officer, Paul Rosenberg, said, “mCig is highly interested in the cryptocurrency market as management believes in the combination of cryptocurrency solutions and blockchain technologies for cannabis and hemp sales. The future of finance could be dominated by blockchain technologies, and we want to be prepared. This solution will legitimize the market as it continues to outpace all expectations. mCig will advance its opportunities in the blockchain and cryptocurrency markets as it looks to expand its role and relationship with Render Payment well into the future.”
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