Denver, CO, Jan. 03, 2018 (GLOBE NEWSWIRE) -- Blue Line Protection Group, Inc. (OTCPink: BLPG) established its role in 2017 as the key provider in compliance and currency transportation services for the legal cannabis industry, with nearly $400 million transported and processed for its clients across Colorado.

“We’ve developed a three-tier approach to addressing the unique needs of the legal cannabis industry: protection, compliance and transportation,” said Dan Allen, Blue Line’s CEO.  “As the industry expands to new states, Blue Line’s risk mitigation services will be crucial to the health and longevity of a compliant and responsible industry.”

Because of the prevalence of cash transactions in the cannabis industry, banks and credit unions aren’t willing to accept the risk that comes with millions of dollars coming into their bank branches.  “It’s an enormous strain on their tellers and bank personnel, and it’s an enormous security risk for them to have that much cash flowing into their bank lobbies,” added Mr. Allen.  “It makes the bank a more lucrative target for criminals, and it’s an unnecessary risk for cannabis businesses to have their own personnel transport their money to the bank in the first place.”

Blue Line mitigates the risk for financial institutions and cash-heavy businesses, acting on behalf of banks and credit unions by collecting cash sales revenue from their client locations.  After collecting the currency, Blue Line transports it to one of its secure processing facilities, providing currency handling and validation services for the bank, as well as transportation of processed currency to the Federal Reserve.

“We serviced nearly 10,000 client locations in 2017, with over 230 unique clients in Colorado alone,” added Mr. Allen.  “With our transportation revenue up 900 percent in 2017, we’re the number one choice for compliant cash transportation and processing for the legal cannabis industry.”

Since 2014, Blue Line has become the premier currency transportation, compliance and protection agency for the legal cannabis industry in Colorado, with nearly $400 million processed for financial institutions and transported to the Federal Reserve.  “As emerging markets present themselves, we expect this figure to increase well beyond our current processing output,” added Mr. Allen.

With financial services difficult to obtain for cannabis businesses, Blue Line offers a compliance solution for banks and credit unions willing to venture into providing transparent and fully compliant financial services for legal cannabis clients.  Blue Line has provided over 600 on-site assessments to help banks and credit unions comply with their “know your customer” requirements.

“Our compliance assessments, conducted by licensed investigators, help our financial institution partners mitigate their operational risk by helping ensure their clients are operating according to established local regulations and federal recommendations,” added Mr. Allen.  “As with any high-risk industry, independent, third-party assessments are a crucial element in providing bank regulators with the assurance they need when evaluating services offered by licensed financial institutions.”

With expansion plans including new cannabis markets throughout the West, Blue Line aims to be the leading currency transportation provider nationwide.  “In Colorado alone, we’re on track to process half a billion dollars for this industry this year,” added Mr. Allen.  “As our other markets become active, we expect tremendous growth in our currency processing and compliance investigations activities.”

 

About Blue Line Protection Group, Inc.

Blue Line Protection Group provides consulting, armed security, compliance and investigations, transportation and secure vaulting services to banks, businesses and government entities who need to protect their assets, licenses and clients.  Blue Line serves banks and credit unions by providing currency processing and transportation solutions, and its risk mitigation services help financial institutions serving cash-intensive industries comply with federal “know your customer” mandates.  For more information, visit www.BlueLineProtectionGroup.com.

 

Safe Harbor Statement

This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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Michael Jerome
Blue Line Protection Group Inc.
8008445576
michael@bluelineprotectiongroup.com