GreenMed is a blockchain-based credit card payments system for the legal marijuana industry. Find out how it works today in our GreenMed review.
What Is GreenMed?
GreenMed is a payment platform catered towards legal marijuana dispensaries. Dispensaries can use GreenMed (GRMD) to accept debit and credit cards through the use of GreenMed tokens.
Today, dispensaries frequently hold enormous amounts of cash on-site because banks don’t want to handle money that’s been linked to illegal activity. Marijuana is still illegal on the federal level in the United States. Instead of trying to navigate the grey area, banks just avoid it entirely.
GreenMed is designed to be a solution to that problem.
How Does GreenMed Work?
GreenMed is an ERC-20 compliant Ethereum token. The token allows customers to purchase legal marijuana using their debit or credit cards.
The shopping process works just like you would expect:
- Step 1) Customers sign up for GreenMed through the app then add their credit card or banking info
- Step 2) Customers can purchase products at the store, or online through the GreenMed app.
- Step 3) The merchant will input the dollar amount sold, then generate a scannable QR code. The customer scans the QR code generated by the GreenMed Merchant app. Then, the equivalent total in GreenMed tokens (based on the amount of USD) is transferred to the merchant’s banks account or GreenMed debit card.
The end result is that a marijuana-based business can accept debit cards and credit cards without actually compromising anyone’s status with their bank. It uses the GreenMed token as a proxy method of transfer.
The GreenMed application plans to be a one stop shop for legal marijuana consumers and dispensaries. Users can pay using cards or even pre-purchase for pickup.
Meanwhile, merchants can order a GreenMed debit card to access their funds. They can use this debit card to withdraw funds directly from any ATM in the Visa network, or even use the debit card for purchases.
It’s all accessible through the GreenMed app. That app isn’t yet available to download online. However, demo pictures are available through the GreenMed.io website. The app looks sleek, modern, and intuitive. It makes the marijuana buying process as easy as ordering any types of goods or services online.
Like all good apps, GreenMed wants to make the shopping process intuitive and simple for both customers and dispensaries. Dispensaries will be able to list all of their inventory through the app, display their business location on the GreenMed application map, and accept debit cards, credit cards, and EFT from any client.
Customers will also be able to order marijuana delivery. Using a credit card, debit card, or bank account, customers can use the GreenMed app to browse a selection of local dispensaries, then order a delivery from “one of our professional hired delivery personnel”, explains the GreenMed whitepaper. A delivery fee and tipping option will be available with this transaction.
GreenMed’s app plans to incorporate all of the following features:
- Map of all dispensaries that accept payments through GreenMed
- A list of each dispensary’s menu, including first customer specials and other promo codes
- Full transaction history and reporting in the merchant app
- The ability to accept debit cards, credit cards, and EFT payments
- Accept electronic payments using GreenMed tokens
- Legal marijuana delivery service
- Live delivery tracking with GPS technology
- Real-time order pickup and delivery updates using push notifications
- Customer service in-app chat options
The GreenMed Token Sale
The GreenMed token sale is scheduled to begin on September 4 with a pre-ICO. The pre-ICO continues until September 25 (bonuses of up to 40% are available throughout the pre-ICO). Then, the full ICO will begin on October 2, 2107. During the ICO, the token price will be set at $0.20.
Contributions will be accepted in ETH and BTC. 100 million tokens will be made in total. 30% will be retained by the GreenMed team. 69% will be distributed to the public. 1% will be used for bounties. All unsold tokens will be burned.
The concept for GreenMed was developed in March 2017. The company attracted private seed funding and industry partnerships in July 2017. By Q1 2018, they hope to release the GreenMed app on the Apple Store and Google Play Stores. By Q2 2018, they want to integrate credit cards with the GreenMed app.
Who’s Behind GreenMed?
GreenMed is led by CEO and Co-Fouder David Dahan, who has a law degree from the University of Paris La Sorbonne and a Computer Science degree. David has extensive experience in the financial industry and recently led the development of a stock market risk analysis trading platform. He also worked on a project that was later acquired by Google and integrated as the Google Wallet.
Other key members of the GreenMed team include Bram Kornfeld (CMO and Co-Founder), and Harold Hababou (CTO and Co-Founder).
GreenMed is a payment platform catered specifically to the medical marijuana industry. The company is creating a cryptocurrency that can be used as a transfer of value between customers (people buying marijuana) and merchants (dispensaries). Merchants receive payment in the form of GRMD tokens. They can convert those tokens immediately into a fiat currency (like USD) or hold onto the tokens.
GreenMed’s tokens will be sold at the beginning of September. The pre-ICO lasts until September 25. The ICO will begin in October, when the tokens will be sold at a rate of $0.20 per 1 GRMD.
Overall, GreenMed looks like an intriguing opportunity that solves crucial problems in the marijuana industry – an industry that has exploded with growth but still has significantly more room to grow. The main issue with GreenMed is that there is no working app or platform available at this time, and the company is 10 months away from accepting credit card payments. Nevertheless, if the team succeeds, it could have a powerful effect on the marijuana industry.
You can learn more about GreenMed by visiting the company online at GreenMed.io.