Monarch Technologies

The cannabis industry remains a consistent answer for the next high-growth sector, even more so after resurfacing from the pandemic. Despite the growing investments, the industry is yet to be federally legalized. The varying discrepancies in state laws add layers of complexities, making it harder to facilitate legitimate payment transactions between different license holders within the industry.

While many consider this a business impediment, Monarch Technologies, a leading FinTech firm, views this as a door for bringing radical innovation in the Cannabis industry. Since its inception, it has been on a mission to provide legal, compliant and ethical payment and banking solutions in a scattered marketplace of workaround financial offerings.

Anchored to this mission, Monarch Technologies started as an accredited money transmitter license holder offering ACH service through their web and mobile app platform, and quickly evolved to provide holistic payment and banking solutions to the cannabis industry. To contend with the growing complexities associated with banking, compliance, and taxation, it developed Helox, a mobile payment application, with its insights gleaned from numerous client engagements and listening to the largest issues Cannabis license holders are struggling with around traditional financial services.

Available in 37 states, Helox is an all-in-one payment solution for the cannabis industry, swelling with opportunities as compared to point and makeshift solutions like cashless ATMs, which are neither compliant nor a long-term solution. It’s a compliant, bank-to-bank transfer payment platform integrated with 99% of financial institutions in the United States, allowing users to move money anywhere within the industry regardless of license type. Helox is the first Apple and Google Play store-approved mobile payment app strictly for the cannabis industry. An intuitive platform capable of solving a myriad of challenges, it has all the tools to expedite DDA account openings for fully licensed THC, Hemp and CBD farmers, growers, supply chain, distribution, wholesale, manufacturing, and dispensaries owners.
“We help license holders stay compliant while moving non-cash based Cannabis funds from point A to point B, as we can automate complex processes, including Cannabis taxation,” says Christian Fea, Co-founder and CEO of Monarch Technologies.

The Monarch platform houses taxation and cash management features, enabling it to function beyond a transaction-only solution. It is a powerful automation tool for the industry as it automates processes like determining Cannabis sales tax. This helps clients cut down the possibilities of fines for inaccurate reporting and submissions.

“We’ve translated our services into a turnkey, product-based offering, and clients can get started with minimal human intervention. Our solution is simple and designed to help license holders get access to essential cash management services,” adds Fea.

Monarch Technologies stays a cut above the rest, providing a trusted digital financial infrastructure for an industry used to a cash-only mode of payment. For instance, Monarch Technologies helped a B2B marketplace improve its payment portals that didn’t provide any visibility into payment transactions post ordering a product. They had a customer base of over 2000 B2B license holders in industry, including cultivators, manufacturers, distributors, and labs. However, users were not paid during the order cycle of around 90 days. Monarch helped them step up their game by directly integrating Helox into their solution, enabling customers to make instantaneous payments for ordering products online.

This instance is just one among its numerous success stories. Monarch Technologies continues to keep pace with the latest industry developments. The road ahead for the cannabis industry is tempered with hope with Safe Banking ACT expected to pass. Monarch Technologies is ahead of the curve as a pioneer in payment and banking solutions, helping companies stay compliant in the digital-first era.