Blue Line Protection Group Inc (OTCMKTS:BLPG) continues to develop its plans for using cash vaulting and compliance probes services in Nevada to meet the requirements of the legal cannabis market. On February 28, the company executives met with affiliates of the Nevada Dispensary Association to talk the requirements of the legal cannabis market and the challenges it is posed with obtaining cash vaulting and processing services.
Blue Line intends to offer secure vaulting services for cannabis customers, as well as cash investigations and validation services to help smoothen the transition to comprehensive banking services for its cash vaulting customers as financial institutions start serving the industry. Dan Allen, the CEO of Blue Line, expressed that the concern in Nevada is that there is a fast-growing market with revenue of millions of dollars, however there are no financial firms openly serving the market in compliance with long-standing optimum practices set by the federal government.
They have communicated this requirement to several credit unions and banks, however these cannabis business owners require an interim solution for safe cash processing and storage until banking services become active.
Blue Line personnel also inspected numerous assets around the Las Vegas metro region as it moves ahead to buy a secure site to serve as its main operations facility in Nevada. Hypur and Blue Line, a financial technology firm based in Scottsdale, recently reported their plans to start a cash vaulting and processing center to serve cash-intensive businesses and marijuana-related businesses in Nevada.
The new facility will deploy “Hypur Vault” cash management know-hows, offering cash custody management tools to enable businesses and financial institutions to schedule withdrawal deliveries and cash deposit pickups. It also showcases a real-time ledger to track individual currency denominations and account balances and offers delivery verification of capital once they have arrived at their destination.