On February 28, Blue Line Protection Group executives met with members of the Nevada Dispensary Association to discuss the needs of the legal cannabis industry and the challenges it faces with procuring cash vaulting and processing services. Blue Line plans to provide secure vaulting services for cannabis clients, as well as cash validation and investigations services to help ease the transition to full banking services for its cash vaulting clients as financial institutions begin serving the industry.
“The issue in Nevada is that you have a fast-growing industry will millions of dollars in revenue, but there are no financial institutions openly serving the industry in compliance with long-standing best practices established by the federal government,” said Dan Allen, Blue Line’s CEO. “We’ve communicated this need to several banks and credit unions, but these cannabis business owners need an interim solution for secure cash storage and processing until banking services come online.”
Blue Line executives also inspected multiple properties around the Las Vegas metro area as it moves ahead to acquire a secure location to serve as its primary operations center in Nevada. Blue Line and Hypur, a financial technology company based in Scottsdale, Arizona, recently announced their plans to open a cash vaulting and processing facility to serve marijuana-related businesses (MRBs) and cash-intensive businesses (CIBs) in Nevada.
The new facility will implement “Hypur Vault” cash management technologies, providing cash custody management tools that allow financial institutions and businesses to schedule cash deposit pickups and withdrawal deliveries. It also features a real-time ledger to track account balances and individual currency denominations and provides delivery verification of funds once they have reached their destination.
Blue Line executives also interviewed candidates interested in becoming Blue Line’s qualified agent and assistant vice president for Nevada. “With the strict security and investigations licensing requirements in Nevada,” said Ricky Bennett, Blue Line’s Chief Operations and Compliance Officer, “we will ensure that the person who becomes our new assistant vice president will manage Blue Line’s Nevada operations according to all pertinent local, state and federal regulations.”
Working in tandem with Blue Line’s armored transportation and cash processing services, financial institutions and merchants will now be able to have cash picked up, delivered and stored in a secure facility in compliance with local and state laws and federal recommendations. Blue Line anticipates integrating Hypur Vault into its Colorado operations in the first quarter of 2018, with other states to follow in the coming months.
“Blue Line’s new Nevada operations are moving closer to becoming a reality, with operations projected to begin in the second quarter of 2018,” said Dan Allen, Blue Line’s CEO. “We’re confident that the integration of Hypur Vault into Blue Line’s cash processing operations will provide the transactional compliance so important to the health and longevity of the growing legal cannabis industry.”
Blue Line recently announced its plans to partner with Hypur to expand services to Arizona, Oregon, Washington, California and Nevada and has reiterated its commitmentto ensuring the legal cannabis industry operates in a safe, secure and compliant manner.
About Blue Line Protection Group, Inc.
Blue Line Protection Group provides consulting, armed security, compliance and investigations, transportation and secure vaulting services to banks, businesses and government entities who need to protect their assets, licenses and clients. Blue Line serves banks and credit unions by providing currency processing and transportation solutions, and its risk mitigation services help financial institutions serving cash-intensive industries comply with federal “know your customer” mandates. For more information, visit www.BlueLineProtectionGroup.com.