Cannabis financial services firm shifts to plant-touching company with acquisition of hemp grower

A Nevada company that provides banking services for ancillary cannabis firms is taking a more direct tack in the industry with the acquisition of a hemp firm.

Medical Cannabis Payment Solutions on Thursday announced its acquisition of SpeedyGrow, a Wyoming-based company licensed to cultivate and process hemp in western Colorado.

Terms of the deal were not disclosed.

Jeremy Roberts, CEO of Medical Cannabis Payment Solutions, said in a statement that his company will remain focused on financial services but that growing hemp offered “yet another revenue stream for our investors.”

“We weren’t initially anticipating entering this space,” Roberts said. “But after careful consideration, the opportunity to expand our footprint in the state-sanctioned cannabis space was too good of an opportunity for our shareholders to pass up.”

The deal includes acquisition of SpeedyGrow’s proprietary cannabis nutrient product, SpeedyVeg.

Medical Cannabis payment solutions trades as REFG on over-the-counter markets.