DENVER, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Blue Line Protection Group, Inc. (OTCPink:BLPG) expands its role as the leading currency processor for Colorado’s lawful cannabis industry, with over $332 million transported and processed in 2017.
“No other armored courier fulfills the needs of this cash-heavy industry like we do,” said Daniel Allen, Blue Line’s CEO. “We provide state-licensed cannabis businesses with secure currency transportation and change order fulfillment services, making us the number one choice for compliant cannabis cash processing for our financial institution partners banking the legal cannabis industry.”
Blue Line now serves over 200 unique client locations, including Colorado’s premier legal cannabis dispensary, cultivation facility and manufacturing operations. Blue Line has increased the number of locations serviced per month from just 124 in January to nearly 1,200 by the end of November 2017, increasing its transportation revenue by over 900 percent.
“In Colorado alone, we’re on track to process half a billion dollars over the next year for this industry,” added Mr. Allen. “We’ve seen strong revenue growth in 2017, with a 534 percent increase in our processing revenue since January, as well as a tremendous increase in the number of clients served by our transportation and currency processing services.”
Blue Line experienced an increase of over 500 percent in the monthly client currency deposits since January, processing over $90 million in October and November alone, and over $332 million in its secure vaulting and processing facility thus far in 2017.
“Our commitment to customer service and our ability to provide compliant currency transportation operations is the reason the demand for our services is so great,” added Mr. Allen. “Our trained and licensed personnel provide a level of customer service and communication unmatched by other armored couriers, which in turn helps our clients provide uninterrupted service to their customers.”
Besides currency processing and transportation, Blue Line also saw continued growth in its coin, currency and ATM services, fulfilling over $25 million in currency order requests for its clients this year. Revenue for providing these change and ATM fulfillment services jumped over 1,100 percent since January.
Blue Line continues to offer compliance investigations services for its financial institution partners, having provided over 500 on-site assessments to help banks and credit unions comply with their “know your customer” requirements.
“As we expand our footprint into other states, we’ll continue to assist banks and credit unions with our on-site, independent, compliance assessment services,” added Mr. Allen. “We help reduce business transactional fraud, limiting the risks to financial institutions offering banking services to high-risk operations like the legal cannabis industry.”
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.
Contact
Michael Jerome
Vice President Media and Systems Development
Blue Line Protection Group, Inc.
800-844-5576
Media@BlueLineProtectionGroup.com