The City of Desert Hot Springs, known for its innovative approach to the cannabis sector, currently oversees 47 cannabis licenses. Through this partnership, Monarch will manage all backend compliance efforts and the collection of cannabis taxes, ensuring efficiency and reliability in revenue flow. Additionally, Monarch will assist in recovering back taxes, thereby supporting the city in recapturing owed revenues, which are vital for funding public services and community development projects.
Monarch’s sophisticated platform offers an unparalleled solution to the challenges faced by municipalities in managing the complex regulatory and financial landscape of the cannabis industry. By automating tax and fee collection, ensuring cannabis-compliant banking, and providing real-time licensee data, Monarch simplifies the regulatory burden on local governments.
“Our partnership with the City of Desert Hot Springs marks a significant milestone in our mission to make cannabis banking, tax collection, and compliance easy and transparent,” said Christian Fea, CEO and co-founder of Monarch Technologies. We’re excited to bring our expertise to the city, helping to secure and enhance its financial health through efficient cannabis revenue management.”
This collaboration promises numerous benefits for the City of Desert Hot Springs. One of the key advantages is the automated tax and fee collection, which streamlines the process, ensures accuracy, consistent, on-time tax remittance, and eliminates delinquency. Additionally, the city will be provided with tools for real-time oversight of cannabis businesses, ensuring full regulatory compliance and enhanced oversight. Furthermore, the collaboration will assist the city in the recovery of back taxes by identifying and collecting outstanding amounts, thereby boosting its revenue without the need to increase taxes or cut services.
“We are committed to fostering a thriving, responsible, and compliant cannabis industry in our city,” said Frank Luckino, newly appointed City Manager of Desert Hot Springs. “Partnering with Monarch allows us to achieve this goal by leveraging their cutting-edge technology and expertise. This is a win-win for our community and the local cannabis businesses.”
About Monarch Technologies
Monarch Technologies, Inc. is a fully licensed Money Transmittal Service Provider. Currently, we are operating as a Fintech services provider for the legitimate Cannabis industry, serving businesses, governmental compliance entities, and consumers. We’ve developed a proprietary business banking compliance platform called Monarch. Monarch was built after years of industry research from client frustration and misunderstanding of how to handle compliance, taxation, and payments in the THC/CBD industry. After analyzing and diagnosing the banking industry and practices, we identified the need to solve these issues with a compliance-driven SaaS platform.
About Monarch Tax Authority
Monarch Tax Authority (MTA), a program by Monarch Technologies, is a comprehensive and seamless tax payment and reporting platform for local and state governments to collect cannabis fees and tax revenue. In addition, Monarch gives municipalities access to accurate sales and compliance data in real-time, ensuring local governments receive correct cannabis tax revenue from businesses.
For further information about Monarch Technologies and its services, please visit https://www.monarch.is/
Veronica Welch
VEW Media
+1 508-643-8000
email us here
Originally published at https://www.einpresswire.com/article/733100859/monarch-technologies-partners-with-the-city-of-desert-hot-springs-to-streamline-cannabis-compliance-and-tax-collection
