NEWPORT BEACH, California, November 16, 2016 /PRNewswire/ -- Vemanti Group, Inc. (OTC PINK: VMNT) a diversified holding corporation, announced today that it's preparing to launch a new wholly-owned subsidiary, which will look to provide a comprehensive mobile commerce and payments service for the emerging cannabis industry. Through their smartphones, the service will enable retail customers to pay for goods at any participating dispensary without using physical cash. It will also present dispensaries, growers, and other legitimate participants of the industry with the opportunity of carrying out non-retail transactions among themselves in digital payments. The Company believes that the emerging legal cannabis industry where retail and non-retail transactions, including vendor payments and payroll, are almost exclusively paid for with cash presents a real challenge for financial institutions. Concerned about the evolving conflict between federal and state laws, they are eager to avoid the inherent risks associated with this cash-intensive sector. It is widely acknowledged that many are unwilling to go to the expense of establishing and maintaining the type of thorough due diligence program for this emerging market at the present time in order to comply with growing demands of Know-Your-Customer (KYC) guidelines, anti-money laundering regulations, and the US Patriot Act. As the result, traditional banking and payment solutions have been out of reach for the vast majority of cannabis businesses. Vemanti Group's new planned subsidiary intends to offer a technology platform empowering the legal cannabis industry to transact safely, securely, and remain fully-compliant via a cash-free mobile payments service. The Company's CEO has an extensive background in providing mobile banking, commerce, security, and payments solutions to banks and financial institutions and intends to apply that experience to the new subsidiary. "The cannabis industry needs access to digital payments in order to grow, and consumers want a safe and secure way to purchase marijuana products without always relying on cash. Our goal for the new subsidiary is to launch a service that alleviates the risk of cash transactions and helps dispensaries monitor and record data needed to address concerns about violating anti-money laundering laws, with the long-term goal of moving transactions away from cash altogether. It will comply with every relevant regulatory requirement and provide a sustainable solution for the cannabis industry", commented Tan Tran, CEO of Vemanti Group. Consumers will be able download an app which acts as a digital wallet to their smartphone and link their bank accounts or credit or debit cards. They can then pay using the app at participating dispensaries. At the point of sale, money is transferred from the consumer's account and issued to the dispensary. Dispensaries can choose to leave the funds in their account, use them to pay other participants of the same system, or transfer funds out to a bank account. All transactions will take place in a secure proprietary cloud-based infrastructure.