Denver, CO, Feb. 13, 2018 (GLOBE NEWSWIRE) — Blue Line Protection Group, Inc. (OTCPink: BLPG) and Hypur are pleased to announce their plans to open a cash vaulting and processing facility to serve marijuana-related businesses (MRBs) and cash-intensive businesses (CIBs) in Nevada, with operations projected to begin in the second quarter of 2018.
Blue Line has become the key provider of independent, third-party compliance investigations, armored transportation and cash processing for financial institutions banking the legal cannabis industry. Hypur is a financial technology company in Scottsdale, Arizona, with due diligence software and systems that help eliminate the problems associated with depositing large sums of cash for MRBs and CIBs.
The new Nevada facility will implement “Hypur Vault” cash management technologies. Hypur Vault provides 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.
“We can now enable these operators and merchants to retain a chain of cash custody and provide them with a cash audit trail,” said Christopher E. Galvin, founder and CEO of Hypur. “And perhaps most importantly, when full banking services become available in their markets, they will be able to deposit their legacy cash in a safe, compliant and auditable manner.”
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.
“Cash-intensive businesses will finally have a compliant and secure vaulting solution in Nevada with Blue Line and Hypur’s new cash processing facility,” 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 commitment to ensuring the legal cannabis industry operates in a safe, secure and compliant manner.