Vemanti Group Plans New Mobile Commerce and Payments Subsidiary
Poster: SySAdmin
Posted on November 16, 2016 at 8:21:01 AM
Vemanti Group Plans New Mobile Commerce and Payments Subsidiary
NEWPORT BEACH, California, November 16, 2016 /PRNewswire/ --
Vemanti Group, Inc. (OTC PINK: VMNT) a diversified holding corporation, announced
today that it's preparing to launch a new wholly-owned subsidiary, which will look to
provide a comprehensive mobile commerce and payments service for the emerging cannabis
industry.
Through their smartphones, the service will enable retail customers to pay for goods
at any participating dispensary without using physical cash. It will also present
dispensaries, growers, and other legitimate participants of the industry with the
opportunity of carrying out non-retail transactions among themselves in digital payments.
The Company believes that the emerging legal cannabis industry where retail and
non-retail transactions, including vendor payments and payroll, are almost exclusively
paid for with cash presents a real challenge for financial institutions. Concerned about
the evolving conflict between federal and state laws, they are eager to avoid the inherent
risks associated with this cash-intensive sector. It is widely acknowledged that many are
unwilling to go to the expense of establishing and maintaining the type of thorough due
diligence program for this emerging market at the present time in order to comply with
growing demands of Know-Your-Customer (KYC) guidelines, anti-money laundering regulations,
and the US Patriot Act. As the result, traditional banking and payment solutions have been
out of reach for the vast majority of cannabis businesses.
Vemanti Group's new planned subsidiary intends to offer a technology platform
empowering the legal cannabis industry to transact safely, securely, and remain
fully-compliant via a cash-free mobile payments service. The Company's CEO has an
extensive background in providing mobile banking, commerce, security, and payments
solutions to banks and financial institutions and intends to apply that experience to the
new subsidiary.
"The cannabis industry needs access to digital payments in order to grow, and
consumers want a safe and secure way to purchase marijuana products without always relying
on cash. Our goal for the new subsidiary is to launch a service that alleviates the risk
of cash transactions and helps dispensaries monitor and record data needed to address
concerns about violating anti-money laundering laws, with the long-term goal of moving
transactions away from cash altogether. It will comply with every relevant regulatory
requirement and provide a sustainable solution for the cannabis industry", commented Tan
Tran, CEO of Vemanti Group.
Consumers will be able download an app which acts as a digital wallet to their
smartphone and link their bank accounts or credit or debit cards. They can then pay using
the app at participating dispensaries. At the point of sale, money is transferred from the
consumer's account and issued to the dispensary. Dispensaries can choose to leave the
funds in their account, use them to pay other participants of the same system, or transfer
funds out to a bank account. All transactions will take place in a secure proprietary
cloud-based infrastructure.
Going forward, the Company plans to enhance this service to work as a "mobile shopping
mall" with Point-of-Sales (POS), CRM, and team collaboration integration available to the
dispensaries via Software-as-a-Service (SaaS). Consumers will be presented with multiple
"mobile shops" plus different fulfilment options and customer loyalty programs. The first
product demo is planned for first half of 2017 and, after the field-trial phase, will be
available in areas where medical and recreational cannabis consumption has been legally
approved. The Company intends to first roll this service out in California which just
recently has become potentially the single biggest recreational cannabis market in the
world. Â
 "The unique combination of economic growth and restrictions of the cannabis industry
will be a good validation point for our service. We could eventually look to offer the
same technology on a global scale to the millions of the unbanked individuals like the
undocumented and migrant workers as well as businesses in the emerging economies for
bank-like services (without the costs associated with a traditional bank) like
micro-financing, bill payments, online shopping payments, prepaid airtime purchase, and
money transfer", added Tan Tran.
About Vemanti GroupÂ
Vemanti Group, Inc. (OTC PINK:VMNT
[http://www.marketwired.com/news_room/Stock?ticker=VMNT ]) is a diversified holding
corporation that's looking to be active in high-growth and technology-driven markets. The
company plans to grow by adding value-added and fundamentally-sound businesses to their
portfolio. For details on Vemanti Group, Inc. and its portfolio, visit
http://www.vemanti.com.
Legal DisclaimerÂ
This release contains forward-looking statements within the meaning of Section 27a of
the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act
of 1934, as amended. Those statements include the intent, belief or current expectations
of the company and its management team. Forward-looking statements are projections of
events, revenues, income, future economics, research, development, reformulation, product
performance or management's plans and objectives for future operations. Some or all of the
events or results anticipated by these forward-looking statements may not occur.
Prospective investors are cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties, and that actual
results may differ materially from those projected in the forward-looking statements as a
result of various factors. Accomplishing the strategy described herein is significantly
dependent upon numerous factors, many that are not in management's control.
Â
Contact Information Â
Vemanti Group, Inc.
Â
Investor RelationsÂ
+1-(800)-768-1288Â
ir@vemanti.comÂ
Â
Vemanti Group, Inc
NEWPORT BEACH, California, November 16, 2016 /PRNewswire/ --
Vemanti Group, Inc. (OTC PINK: VMNT) a diversified holding corporation, announced
today that it's preparing to launch a new wholly-owned subsidiary, which will look to
provide a comprehensive mobile commerce and payments service for the emerging cannabis
industry.
Through their smartphones, the service will enable retail customers to pay for goods
at any participating dispensary without using physical cash. It will also present
dispensaries, growers, and other legitimate participants of the industry with the
opportunity of carrying out non-retail transactions among themselves in digital payments.
The Company believes that the emerging legal cannabis industry where retail and
non-retail transactions, including vendor payments and payroll, are almost exclusively
paid for with cash presents a real challenge for financial institutions. Concerned about
the evolving conflict between federal and state laws, they are eager to avoid the inherent
risks associated with this cash-intensive sector. It is widely acknowledged that many are
unwilling to go to the expense of establishing and maintaining the type of thorough due
diligence program for this emerging market at the present time in order to comply with
growing demands of Know-Your-Customer (KYC) guidelines, anti-money laundering regulations,
and the US Patriot Act. As the result, traditional banking and payment solutions have been
out of reach for the vast majority of cannabis businesses.
Vemanti Group's new planned subsidiary intends to offer a technology platform
empowering the legal cannabis industry to transact safely, securely, and remain
fully-compliant via a cash-free mobile payments service. The Company's CEO has an
extensive background in providing mobile banking, commerce, security, and payments
solutions to banks and financial institutions and intends to apply that experience to the
new subsidiary.
"The cannabis industry needs access to digital payments in order to grow, and
consumers want a safe and secure way to purchase marijuana products without always relying
on cash. Our goal for the new subsidiary is to launch a service that alleviates the risk
of cash transactions and helps dispensaries monitor and record data needed to address
concerns about violating anti-money laundering laws, with the long-term goal of moving
transactions away from cash altogether. It will comply with every relevant regulatory
requirement and provide a sustainable solution for the cannabis industry", commented Tan
Tran, CEO of Vemanti Group.
Consumers will be able download an app which acts as a digital wallet to their
smartphone and link their bank accounts or credit or debit cards. They can then pay using
the app at participating dispensaries. At the point of sale, money is transferred from the
consumer's account and issued to the dispensary. Dispensaries can choose to leave the
funds in their account, use them to pay other participants of the same system, or transfer
funds out to a bank account. All transactions will take place in a secure proprietary
cloud-based infrastructure.
Going forward, the Company plans to enhance this service to work as a "mobile shopping
mall" with Point-of-Sales (POS), CRM, and team collaboration integration available to the
dispensaries via Software-as-a-Service (SaaS). Consumers will be presented with multiple
"mobile shops" plus different fulfilment options and customer loyalty programs. The first
product demo is planned for first half of 2017 and, after the field-trial phase, will be
available in areas where medical and recreational cannabis consumption has been legally
approved. The Company intends to first roll this service out in California which just
recently has become potentially the single biggest recreational cannabis market in the
world. Â
 "The unique combination of economic growth and restrictions of the cannabis industry
will be a good validation point for our service. We could eventually look to offer the
same technology on a global scale to the millions of the unbanked individuals like the
undocumented and migrant workers as well as businesses in the emerging economies for
bank-like services (without the costs associated with a traditional bank) like
micro-financing, bill payments, online shopping payments, prepaid airtime purchase, and
money transfer", added Tan Tran.
About Vemanti GroupÂ
Vemanti Group, Inc. (OTC PINK:VMNT
[http://www.marketwired.com/news_room/Stock?ticker=VMNT ]) is a diversified holding
corporation that's looking to be active in high-growth and technology-driven markets. The
company plans to grow by adding value-added and fundamentally-sound businesses to their
portfolio. For details on Vemanti Group, Inc. and its portfolio, visit
http://www.vemanti.com.
Legal DisclaimerÂ
This release contains forward-looking statements within the meaning of Section 27a of
the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act
of 1934, as amended. Those statements include the intent, belief or current expectations
of the company and its management team. Forward-looking statements are projections of
events, revenues, income, future economics, research, development, reformulation, product
performance or management's plans and objectives for future operations. Some or all of the
events or results anticipated by these forward-looking statements may not occur.
Prospective investors are cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties, and that actual
results may differ materially from those projected in the forward-looking statements as a
result of various factors. Accomplishing the strategy described herein is significantly
dependent upon numerous factors, many that are not in management's control.
Â
Contact Information Â
Vemanti Group, Inc.
Â
Investor RelationsÂ
+1-(800)-768-1288Â
ir@vemanti.comÂ
Â
Vemanti Group, Inc