VANCOUVER, BC / ACCESSWIRE / June 15, 2021 / FinCanna Capital Corp. ('FinCanna') (CSE:CALI) (OTCQB:FNNZF), is pleased to announce its wholly owned portfolio company that owns the proprietary ezGreen Point of Sale (POS) software has been approved by the City of Adelanto, California as the official Point of Sale vendor for city sanctioned cannabis events.
The official approval by the city of Adelanto is an important endorsement for ezGreen's POS as it highlights the efficacy of its software with respect to real-time, compliant tax reporting by dispensaries, an important source of revenue for any legal cannabis jurisdiction nationally. Additionally, it positions ezGreen to showcase its POS solution which includes fully customizable compliance reporting, workflow management, business analytics and more to dispensaries participating in city sanctioned cannabis events.
Mike Coner, President of ezGreen stated, 'We began our conversations with the City of Adelanto pre-Covid and are glad to see the Bureau of Cannabis Control (BCC) opening up the restrictions on Cannabis events throughout California. The need for the city to generate real time analytics and inventory reports will allow Adelanto city officials to rectify taxes at the conclusion of each event and get paid before the vendors leave the property. This is a common pain point for regulators working with vendors that join events from all over the state. Adelanto is positioned between Los Angeles and Las Vegas with a large baseball stadium being used for safe, compliant, outdoor licensed cannabis events, and we are very pleased to be working with them.'
The city of Adelanto, located approximately 85 miles northeast of Los Angeles, has approved ezGreen Compliance as the official Point of Sale vendor for licensed cannabis events held within its jurisdiction. The ezGreen POS was selected as it assists vendors in effectively tracking inventory and sales for efficient tax reporting and collection for the city as well as the state of California through the BCC and METRC track and trace program.
Andriyko Herchak, CEO of FinCanna Capital said, 'We've always maintained that ezGreen's POS software is the best in the industry, and this endorsement by the city of Adelanto further supports our belief. Legal jurisdictions across the US are keenly aware of the potential tax revenue to be derived from legal cannabis sales and accurate real-time tracking and reporting of sales is essential to the collection of those tax revenues. Additionally, the ezGreen POS solution addresses the pressing need for compliance reporting and the business analytics needed for dispensary owners to run their businesses more effectively.'
ezGreen POS softwareis the only HIPAA (Health Insurance Portability and Accountability Act) certified point-of-sale software in the market. It was developed with Automated Healthcare Solutions ('AHCS'), one of the largest point-of-care software solution providers, with an 18-year operational history in the medical sector and was created to provide similar compliance guidelines, standards, and disciplines to the US licensed cannabis industry.
The ezGreen business model is a function of its rapidly scalable Software as a Service (SaaS), point-of-sale product that also offers a free solution, generating revenue on a per transaction basis allowing dispensary owners to maintain compliance without another COGS cost that cannot be written off on taxes due to regulation 280e requirements.
About FinCanna Capital Corp.
FinCanna is a royalty company that provides growth capital to rapidly emerging private companies operating in the licensed U.S cannabis industry. The Company earns its revenue from royalties paid by its investee companies that are calculated based on a percentage of their total revenues.
FinCanna's scalable royalty model provides an attractive alternative or complement to debt or equity financing for its investee companies. FinCanna is focused on delivering high-impact returns to its shareholders by way of a strategically diversified investment portfolio.
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as 'anticipate', 'believe', 'plan', 'estimate', 'expect', and 'intend', statements that an action or event 'may', 'might', 'could', 'should', or 'will' be taken or occur, or other similar expressions. All forward looking statements, other than statements of historical fact, included herein , without limitation, statements relating the market for, and effectiveness of, ezGreen software, the ability of ezGreen to expand operations and generate sales and revenues, FinCanna's ability to fund and source future projects, and FinCanna's ability to earn and realize revenues and profits from ezGreen. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risks identified in the CSE listing statement available at www.SEDAR.com and other reports and filings with the applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the respective companies undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
SOURCE: FinCanna Capital Corp.
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