GlobeNewswire
NEW YORK, Oct. 17, 2022 (GLOBE NEWSWIRE) -- KoreConX's innovative approach to the cannabis ecosystem enables companies to raise money by accepting credit cards. It sounds like a simple solution, but it can actually revolutionize how the sector operates. Using the exemptions of Regulation A+, Regulation CF or Regulation D, companies can easily turn their customers and brand advocates into shareholders.
KoreConX has enabled credit card acceptance and escrow providers in their platform, ending the issue of high fees that were traditionally charged from this sector due to a perceived higher risk and lack of nationwide legalization, especially in the USA. Although legal for medicinal and adult recreational use in some states, there are still obstacles that cannabis companies face regarding their capital needs.
Nonetheless, President Joe Biden's announcement that all federal convictions for simple marijuana possession were to be pardoned is a milestone in the continued growth of the cannabis sector. According to Grand View Research Institute, market size was valued at USD 13.2 billion in 2021 and USD 16.7 billion in 2022, with a revenue forecast of USD 102.2 billion for 2030, which would represent a compound annual growth rate (CAGR) of 25.5% from 2022 to 2030.
Secure platform
Companies in the cannabis sector had found it difficult to raise capital in the traditional capital markets, making the private capital market a more viable option. KoreConX All-In-One Platform uses its proprietary solution based on blockchain - the KoreChain - to make transactions and shareholder management safe for investors and entrepreneurs.
"Our Platform can be integrated with the company's URL, making it user-friendly and reducing the risk of taking users to other websites," explains Oscar Jofre, CEO and co-founder of KoreConX. The innovation for the cannabis ecosystem is the possibility to make customers into shareholders, by making investing easy. "Our partnership with SecureTranz allows the credit card use, as well as providing options to complement wire transfer, ACH and crypto payments," explains Oscar.
KoreSummit
In a clear display of support for the sector, KoreConX is putting together a team of specialists in their next KoreSummit - Pocket Sessions | Empowering Growth. Covering topics from the preparations to the offering promotion, and choosing the best regulation, panels with sector experts will be available daily, from Oct. 24 to 28. Learn more on the event website.
About KoreConX
Founded in 2016, KoreConX provides the first secure online infrastructure for private companies to conveniently and compliantly manage every aspect of their capital market activities, from issuing securities to shareholder relations. Investors, broker-dealers, law firms, accountants and investor acquisition firms, all leverage our ecosystem solution. KoreConX also maintains a large online library of educational content to help companies navigate their capital-raising journey.
Contact Information:
Rafael Gonçalves
Communications
rafael@koreconx.com
Carolina Casimiro
Marketing Manager
carolina@koreconx.com
Image 1: Cannabis Companies Can Raise Money Using Credit Cards
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Cannabis Companies Can Raise Money Using Credit Cards
Cannabis Companies Can Raise Money Using Credit Cards
source: https://www.morningstar.com/news/globe-newswire/8666561/cannabis-companies-can-raise-money-using-credit-cards-with-koreconx-technology
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