National Cannabis Risk Prevention Services (NCRPS) has reached an agreement with MG Payment to acquire its eWallet, mobile banking and point-of-sale (POS) cannabis payment processing platform, according to a published press release. Monday, August 1.

This will allow NCRPS to offer a banking product that can meet the needs of banks in states where cannabis is legal. Since cannabis is federally illegal, businesses in the industry must rely on state-regulated banks for funding.

The wider industry has been constrained due to a lack of compliant payment processing solutions, which NCRPS said it will address through the purchase of MG payment products, enabling banking partners to offer the solutions.

According to the release, this will allow banks and credit unions to accurately identify and mitigate risk while benefiting from revenue from a compliant e-wallet, mobile banking and transactional point-of-sale system.

“We are honored and excited to bring this total banking and financial risk management solution to the US cannabis industry as a major step forward in overcoming one of the greatest risks in the market,” said Rocco Petrilli, President and CEO of NCRPS. “The addition of this capability completes NCRPS’ full menu of risk solution processes that will work in unison to ensure true cannabis market sustainability through accurate risk scoring and follow-on training and execution. .”

Cannabis legislation has recently seen developments in the United States. As PYMNTS noted last week, a new law to protect banks doing business with cannabis companies may be moving forward.

See also: Cannabis Bill Backer Sees New Passing Hope

Rep. Ed Perlmutter (D-Colo.) has been a SAFE Banking Act champion for years. He said the introduction of the Cannabis Administration and Opportunity Act (CAOA) in the Senate removes a barrier to passing the legislation.

Although the CAOA does not have the necessary votes, it could see more debate.

“I think there is a real opportunity to pass less radical legislation than [Senate Majority Leader Chuck] Schumer introduced, but something that will really benefit the industry and make things safer,” he said.