MJBulls 0012 Alt 36 Transcript
Dan Humiston: [00:00:00] Support for this show and the falling message come from Trevett Hill, overseeing a cannabis investment can be time consuming and expensive. Travis Hill provides cannabis investors with an external turnaround team to help management reignite growth. for a free confidential review. Go to Trevett Hill dot com.
Ken Ramirez: [00:00:19] So when the consumer makes a payment to us the second we verify that the transaction is successful then we send the merchant digital currency immediately in real time. The second it hits their account we convert back immediately to US dollars. That way there's zero exposure to volatility.
Dan Humiston: [00:00:40] From Buminit media it's the MJBulls podcast a show about raising Cannabis capital on today's show how can Ken Ramirez company alt 36 is using crypto currency to safely and securely help Cannabis companies replace cash transactions
Dan Humiston: [00:01:07] Today we're speaking with Ken Ramirez is CEO of alt 36 which is a fully digital payment solution for the cannabis industry. Ken a lot of our listeners understand the cannabis industry and they understand it's all cash but I don't think they completely appreciate how difficult it is to do a transaction at the dispensary level. Can you tell us some of the challenges.
Ken Ramirez: [00:01:33] Yeah absolutely. So a dispensary is let's call it any cannabis related business is operating solely in cash has a lot of negative aspects to it. What a lot of people don't realize is that with all of the activities involved with handling cash it's equates to about 15 to 20 percent of the total revenue for some of these operators. So when you think about you know all the different things that go into it you know counting the cash moving the cash storing the cash paying vendors and suppliers and your employees cash it gets very cumbersome and it's tedious for multiple dispensary operators and vendors suppliers is likely it can be quite a headache for many operators.
Dan Humiston: [00:02:11] That's crazy. So they can't take credit cards so they have to arrange for cash beforehand or they go to an AtM or something to get cash before hand. And then the dispensary gets the cash. They have to make all their payments all of their vendors that their employees they have to pay their taxes in cash. A hundred percent in cash. Absolutely. And that creates all kinds of risks for the operator the employees all the way around. So how does alt 36 solve this problem.
Ken Ramirez: [00:02:37] So essentially what we do is we build out a platform that allows the consumer to be able to pay directly from their checking account. That's an extremely simple process so they basically register in our system. The next step they link it to their checking account. They do that it's seamlessly it's secure right through your own bank. Right now every single time they go to make a purchase in a dispensary. From that point forward it's free to the consumer. They don't pay a penny and all they do is get a text message notification. They approve the transaction and it comes directly from their checking account instead of being physical. We just do it in digital
Dan Humiston: [00:03:13] So it goes from there checking account into that. I think you said you use the dash dash network.
Ken Ramirez: [00:03:19] So what happens when you use the dash block chain. So essentially it's just a decentralized form of keeping records. And that's really all the banks are is it's a centralized form of keeping records.
n Ramirez: [00:03:29] So yeah. So that you go to the dispensary you place an order all 36 hits your checking account takes the money out. Convert your money into cryptocurrency in an instant pays the dispensary.
Ken Ramirez: [00:03:43] So it works very similar. So we actually have our own fund. Oh ok. That we manage of digital currency. So when the consumer makes a payment to us the second we verify that the transaction is successful then we send the merchant digital currency immediately in real time. The second it hits their account we convert back immediately to US dollars. That way there's zero exposure to the volatility.
Dan Humiston: [00:04:05] Yeah because that's going to be the first thing that a lot of people are concerned about because they hear bitcoin going crazy and then going down again. No I don't want my money tied up in that. So your money is never really tied up. It's almost instant.
Ken Ramirez: [00:04:17] It is. It is instant.
Ken Ramirez: [00:04:19] There is zero exposure the volatility of the currency whatsoever and you're not stuck with not hanging on to it it just comes out of your account goes right into their and on the way there it gets trades.
en Ramirez: [00:04:29] It absolutely. I mean we've made it so simple and we keep all the complexity and confusing processes behind curtain so that way consumers really have no idea that the block chain and digital currency in the background the merchants have very little idea that this digital currency blocks of the background they just get to leverage all the benefits the block chain without any of that complex and confusing so our whole goal is you know from a consumer adoption perspective we didn't want to just tackle one piece of the problem because we realize how vertically integrated the cannabis industry is especially with suppliers and vendors and so forth you know providing a consumer facing option is just one part of the problem. Now the B2B side is the complete other side of it. So we want to essentially take an omni channel approach to this problem so that way we're actually effecting change and we're actually solving the problem instead of just solving a piece of the problem.
Dan Humiston: [00:05:23] Okay so in Arizona right now you're in how many dispensaries.
Ken Ramirez: [00:05:27] So right now we just started we just did the launch about two weeks ago. We just certified our first three dispensaries. Nice. We have about 18 more that were on boarding right now and essentially through the can trade relationship. It provides about 650 to 700 dispensaries vendors suppliers with access to all 36 now. So our whole goal. We've been quite busy since the completed integration is to basically be going in onboarding each one of these clients that candidates currently working with.
Dan Humiston: [00:05:54] So there's some manual intervention in there so you're going have to ramp up your staffing. You have to ramp up your support structure. tell us. I mean I'm just sitting here thinking to myself wow this guy's got a lot of work ahead of him. So you're obviously going to have to raise some capital to do that sir. So tell our listeners how they can get involved. What opportunities are you are investing in.
Ken Ramirez: [00:06:13] Absolutely. So Tuesday we partnered with the Dash Network and we've been funded about 2 million today by the dash network. But now that we've completed the build out of the platform we've entered in and we've opened up our series a. So we're raising five million right now to support our growth activities and to really help expedite our market adoption of the platform and to be able to support you know all the operations that come along with it. Our accelerated growth that we're looking at right now you know we're going to basically be onboarding raising the capital be onboarding and building out the team to be able to support further operations and additional states and to continue with the compliance efforts as far as rolling out money transmission. is on the other states that we're working.
Dan Humiston: [00:06:50] Okay. So if a listener were interested in getting involved a lot of our listeners would want to make small relatively small ten, fifteen, twenty five thousand dollar investments. Is there an opportunity for those type of investors within your organization or is there a way that they can invest through another.
Ken Ramirez: [00:07:07] So given that we are in a series a our series a there are requirements for qualified investors that we that we have to follow but there are all sorts of different ways that you can invest in the company if they're interested.
Dan Humiston: [00:07:19] Someone's interested. Who should they contact.
Ken Ramirez: [00:07:21] They can contact me directly. Ken. All 36 dot com Ken@alt36.com and we'll schedule call and order does. We could discuss all the details are sure.
Dan Humiston: [00:07:30] We've been talking to Ken Ramirez who is the CEO of 36 and alt 36 is alt36 dot com. All the information is going to be on the MJ bulls Web site really interesting stuff. I can't wait to see this thing roll out.
Dan Humiston: [00:07:48] I like I said I think this is way big it's going to end up being way bigger than cannabis. I think so I don't want to get this going. Thanks for being with us.
Ken Ramirez: [00:07:55] Thank you for having me.
Dan Humiston: [00:07:58] Hey just a quick shout out to one of our former gas Green Goddess supplies which is an online Cannabis merchandise company. Remember you can listen to that show or any of our previous podcast on iTunes.
Dan Humiston: [00:08:11] Thanks for listening to the mjbulls podcast to learn more about today's guest or to apply to be a guest. Visit our Web site at Mjbulls.com if you like our show give us a review on iTunes. Today's show was produced by buminit media Dan humiston and you've been listening to mjbull podcast.
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