LOS ANGELES – PayQwick, the only closed-loop payment platform designed for the legal marijuana industry, today announced its payment processing, banking and compliance system exceeds California State Board of Equalization track-and-trace recommendations and federal guidelines.
The PayQwick platform will handle tracking data and ensure appropriate taxes are paid to support the legal marijuana business should Proposition 64 pass on November 8.
“PayQwick has solved the banking problem for the legal and medical marijuana business in Washington and Oregon, so it’s well tested and ready for the California market,” said Kenneth Berke, CEO of PayQwick, whose closed-loop system offers merchants the ability to maintain ownership over the entire transaction. “We combine the functionality of a PayPal®-type B2B payment platform with a consumer-based, prepaid point-of-sale payment platform that is safe, secure, trackable and traceable.”
PayQwick reduces cash and improves public safety. By tracing the money it processes, the system complies with FinCEN and the Cole Memos’ Guidelines for deposit into any financial institution. The company conducts quarterly on-site audits to ensure compliance with state marijuana laws, the Bank Secrecy Act and the Anti-Money Laundering Control Act.
Legal marijuana producers, processors and retailers can open an account at one of PayQwick’s participating banks with full privileges and transfer funds via ACH between any preapproved financial institution and their PayQwick account. The platform benefits merchants, law enforcement and regulatory agencies by reducing the risk of crime, theft, money laundering and illegal sales of marijuana.
PayQwick is a federally registered Money Services Business licensed by the Washington State Department of Financial Institutions (“DFI”) and the Oregon Division of Finance and Corporate Securities (“DFCS”) as a money transmitter. Founded in 2014, PayQwick brings proven payment processing, cash management and banking services to the licensed medical and adult-use (recreational) marijuana industries. PayQwick is a proprietary technology and regulatory compliance platform that sets the “gold standard” for providing financial services to the marijuana industry. For more information, visit: www.PayQwick.com.
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Bio: Kenneth Berke, CEO
Ken Berke is a California-licensed attorney with over 29 years of experience. In 2014, Ken combined his legal, business, and regulatory compliance expertise to co-found PayQwick, LLC. As PayQwick’s CEO and an attorney, he has played an integral role in creating PayQwick’s BSA/AML and state law compliance programs. This has provided him with an in depth understanding of the compliance standards banks must satisfy when working with legal marijuana businesses and how they can avoid the risk of exposure to potential liability when banking these businesses. Additionally, through developing PayQwick, Ken has gained extensive experience implementing cash management protocols for marijuana businesses, which has greatly helped PayQwick’s partner banks minimize the amount of cash they handle when working with legal marijuana businesses. Lastly, as PayQwick’s CEO, Ken has gained substantial experience advocating for marijuana banking reform before legislators, regulators, and government officials, which has given him a thorough understanding of what legislators and regulators desire with respect to regulatory compliance in general and banking marijuana in particular. Ken also hosts a radio show entitled CannaBusiness Solutions, which focuses on sharing best practices among marijuana businesses and industry experts.
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