Strategic Asset Leasing Inc. Enters Into Additional LOI

Rhea-AI Summary

Strategic Asset Leasing Inc. (OTC PINK:LEAS) announced a Letter of Intent to acquire a cannabis banking platform offering secure financial services to compliant cannabis businesses. This platform, currently in beta, has five insured banks ready to review applications for loans and merchant services. The acquisition, expected to close within two weeks, will allow Strategic to enhance credit card services and finalize the system rollout. CEO Jason Tucker expressed optimism about the platform as a top financial service for the cannabis sector.

Positive

• Acquisition of a cannabis banking platform expected to enhance service offerings.
• Platform in beta with five insured banks ready to review applications.
• Potential for real bank loans and merchant services for cannabis companies.

Negative

• None.

CHEYENNE, WY / ACCESSWIRE / September 25, 2020 / Strategic Asset Leasing Inc. (OTC PINK:LEAS), the Company, is pleased to announce a Letter of Intent (LOI) to acquire a cannabis industry banking platform.

The system boasts being the only true banking solution for the cannabis industry. Compliant cannabis companies can sign up for conventional banking loans through a AMS and BSL certified secure application system. The platform is able to facilitate real bank loans and merchant services to qualified cannabis companies.

The platform, which is in its beta phase already, has 5 participating and insured banks signed on to review applications. Qualified cannabis companies joining during the beta phase are being pre-qualified as trusted partners.

Upon acquisition, Strategic will participate in finishing the platform's credit card services, currently under development, and complete final roll out of the full system and apps. Strategic will be providing links to the company's already launched website as well as its promotional Vimeo video immediately upon execution of a final agreement. The Company expects the acquisition to close within 2 weeks.

Stated CEO, Jason Tucker: "Having extensive background in the FinTech industry, I can confidently say this is the best financial services to the cannabis industry platforms I have ever seen. I'm very excited to have this acquisition in the Strategic portfolio and to bring this service to the cannabis market."

About Strategic Asset Leasing Inc.:
LEAS is focused on leveraging technology assets with a focus on the FinTech Industry and Internet of Things (IoT). These are rapidly growing sectors where Strategic will be developing and licensing technologies that will help companies penetrate these markets, increasing shareholder value.

Forward-Looking Statements:
This press release contains forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

CONTACT:
info@strategicassetleasing.net

SOURCE: Strategic Asset Leasing Inc.

View source version on accesswire.com:
https://www.accesswire.com/607782/Strategic-Asset-Leasing-Inc-Enters-Into-Additional-LOI

FAQ

What is the recent news about Strategic Asset Leasing Inc. (LEAS)?

Strategic Asset Leasing Inc. announced a Letter of Intent to acquire a cannabis banking platform that will provide financial services to compliant cannabis companies.

What services will the cannabis banking platform provide?

The platform will offer conventional banking loans and merchant services to qualified cannabis companies.

When does Strategic Asset Leasing expect to close the acquisition?

The acquisition is expected to close within two weeks from the announcement date.

How many banks are involved with the cannabis banking platform?

There are five participating and insured banks signed on to review applications for the cannabis banking platform.

What is the significance of the acquisition for LEAS shareholders?

The acquisition could enhance the service offerings of LEAS, potentially increasing shareholder value in the rapidly growing cannabis market.