CurrencyWorks To Provide Technology and Services to CaliCard For Its Cashless Digital Currency Card

Rhea-AI Summary

CurrencyWorks has launched the CaliCard, a digital community currency card aimed at licensed cannabis retail operators. This fintech platform offers compliant banking and payment solutions for consumer businesses. CEO Christian Schenk, with a strong background in cannabis retail, believes this offering will revolutionize the industry, especially with partnerships from 5 major retailers in California. The CaliCard will facilitate transactions via a physical card and mobile app, allowing customers to use it for various products and services. This development positions CurrencyWorks favorably in the growing cannabis market.

Positive

• Launch of CaliCard targeting licensed cannabis operators.
• Partnerships with 5 major cannabis retailers for payment solutions.
• CaliCard provides a digital wallet for compliant banking and payments.
• Potential to expand to non-cannabis merchants, increasing market reach.

Negative

• Dependence on regulatory environments for cannabis banking services.
• Risks of market competition from existing payment methods and similar solutions.
• Inherent uncertainties in technology and potential service operational issues.

CaliCard to service consumer businesses including licensed cannabis retail operators

Los Angeles CA, March 02, 2021 (GLOBE NEWSWIRE) -- CurrencyWorks Inc. (“CurrencyWorks” or the “Company”), (TSXV: CWRK and OTCQB: CWRK) a financial technology blockchain pioneer and alternative digital payments provider has signed a deal and partnered with leading cannabis retailers to launch a revolutionary digital community currency card and fintech platform. The new CaliCard offering is equipped with a digital wallet that provides compliant banking, digital payments and merchant services to consumer businesses including licensed cannabis retail operators.

Calicard’s CEO and Co-founder, Christian Schenk, is the former CEO of Driven Deliveries Inc.. He led the organization through 3 transactions, grew revenue from $30,000 in Q1 2019 to a $25+M/ year, became a leader in online cannabis sales and direct to home delivery network with more than 400 employees across the State of California before selling the business to Stem Holdings, a Florida based Multi State Operator (MSO).

“After spending a year and a half in the cannabis industry experiencing first hand the challenges merchants and consumers face when it comes to banking and payment options, it was time to change the game.” Said Christian Schenk, Founder & CEO of CaliCard Inc. “The CurrencyWorks team is a solid, longtime partner of mine and together with our Canadian based fintech partnerships we have established an incredibly disruptive offering that will most certainly have an impact on the industry, especially given our early stage launch partners participation,” Schenk added.

CaliCard has been working with 5 major retailers, both online and brick and mortar dispensaries on the cannabis payment functions of the solution. In addition, the company will be adding non-cannabis merchant networks over time and will be looking to launch with several hundred retailers across California, including restaurants, c-stores and more. This will enable CaliCard account holders to use the new community currency for virtually all types of products and services. Participating local merchants will benefit from an inexpensive alternative to traditional cashless payment acceptance options, as well as CaliCard-sponsored promotions to help boost adoption and sales.

The offering leverages CurrencyWorks’ banking, security and processing relationships. By leveraging proven technology with a few additional services the solution will be able to provide a seamless experience when checking out in store and online, no different than reloading a virtual card in your favorite coffee retailer’s mobile app. Funds can be reloaded at time of purchase to settle a transaction or funds can be kept in your CaliCard account, no different than a traditional checking account and will be accessible 24/7/365.

Account holders will be assigned a physical card that can be used in-store, access ATMs as well as to facilitate online purchases. Consumers can also leverage the digital payment interface using the mobile app, which will present the merchant with a unique QR code or will leverage the merchant’s point of sale terminal NFC interface, no different than using Apple Payments.

For more information go to www.calicard.com and signup for updates.

About CurrencyWorks
CurrencyWorks Inc. (TSXV: CWRK and OTCQB: CWRK) is a publicly traded company that builds and operates FinTech Platforms for Digital Currencies, Digital Assets and Security Tokens.

For more information on CurrencyWorks, please visit us at: www.currencyworks.io. For additional investor info visit www.currencyworks.io or www.sedar.com and www.sec.gov searching CWRK.

Media Contact
Arian Hopkins
arian@currencyworks.io

Company Contact
Bruce Elliott, President
Phone: 424-570-9446
Bruce.elliott@currencyworks.io

Disclaimer for Forward-Looking Statements

This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things: statements with respect to the CaliCard offering, including CurrencyWorks’ involvement; the perceived impact on the cannabis industry; that CaliCard will be adding non-cannabis merchant networks over time and will be looking to launch with several hundred retailers across California; and the intended uses, functions and benefits of CaliCard.

The material assumptions supporting these forward-looking statements include, among others, that there will be no material variations in current regulatory environments in which CurrencyWorks or CaliCard operates; the perceived benefits from the CaliCard and the Company’s blockchain solutions will be as expected; and that merchant and consumer preferences will be as currently expected. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company will be unable to efficiently provide its services in connection with the CaliCard; the risk that other payment methods may become more widely adopted; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete the blockchain solutions; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs as a result of working on the blockchain solutions; the risk that the blockchain solutions may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make the blockchain solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the blockchain solutions; the risk that other competitors may release similar blockchain solutions; and other general risks involved in the blockchain solutions.

Any of these risks may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. The Company does not assume any liability for disclosure relating to any other company mentioned herein.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FAQ

What is the purpose of the CaliCard launched by CurrencyWorks?

The CaliCard aims to provide compliant banking and digital payment solutions for licensed cannabis retail operators.

Who is the CEO of CurrencyWorks and what is their background?

The CEO is Christian Schenk, who previously led Driven Deliveries Inc. and has significant experience in the cannabis industry.

How many retailers are involved with the CaliCard initiative?

CaliCard is currently partnered with 5 major retailers and plans to expand to several hundred.

What are the features of the CaliCard?

The CaliCard includes a digital wallet, a physical card for in-store transactions, and a mobile app for payment facilitation.

What risks are associated with the CaliCard offering?

Risks include regulatory changes, competitive market pressures, and operational challenges in delivering the service.