UPDATE 8/12/21: Multiple commenters are alleging that GreenMed has performed an “exit scam” by simply pocketing the money invested in GreenMed tokens. GreenMed has not updated its blog or its social media accounts since 2019, and the company locked its own subreddit and Telegram account. Its website is down as of this review as well. We are therefore marking GreenMed as out of business and will not update this profile further.
Created in mid-2017, GreenMed (greenmed.io) is a mobile payment app that uses blockchain technology to enable legal marijuana merchants to accept debit and credit card payments from customers. The app is not yet available for use by the general public and is planning to become fully operational in the second quarter of 2018. GreenMed is far from the first cryptocurrency platform or payment processor to court the marijuana industry, but it will be the first to enable buyers and sellers to instantaneously send and receive payments in fiat currency. This means that merchants and consumers will not need to purchase or hold GreenMed tokens, the company’s unit of exchange, and therefore will not be subject to the price fluctuations that plague most virtual currencies.
GreenMed Payment Processing
GreenMed enables users to enter their debit or credit card numbers into the app and browse products at local dispensaries. At checkout, they can then use their stored debit or credit card information to purchase an amount of GreenMed tokens equivalent to their total, which is then transferred to the merchant. Merchants can choose to instantly convert that amount from GreenMed tokens to fiat currency at the market rate and receive a payout directly to their bank account or to a GreenMed Visa debit card. GreenMed plans to charge a small fee on each transaction through the app and then distribute the earnings from these fees to holders of GreenMed tokens. This creates an incentive for users to hold onto GreenMed tokens rather than instantly cash out to fiat currency in all cases.
Similar cryptocurrency platforms like BitPay and Coinbase have explicitly banned the use of their services for marijuana sales, but GreenMed specifically caters to the legal marijuana industry in states like Colorado and California. In theory, GreenMed’s use of its own cryptocurrency allows it to bypass the restrictions imposed by major financial institutions that operate credit card processing networks. In practice, however, there may prove to be some regulatory hurdles for users who try to make purchases in the app with their bank-issued credit cards or withdraw from the app to their conventional bank accounts. GreenMed’s presale of GreenMed tokens concluded on October 31, 2017. Its web app for customers is currently active for online orders, and a point-of-sale application is due in Q3 2018. The company is headquartered in Los Angeles, California, but it does not provide an exact address in its public-facing materials. David Dahan is the CEO of GreenMed.
- Sales & Marketing: GreenMed does not hire independent sales representatives and has not received any complaints about its sales practices.
- Costs & Contract: GreenMed has not yet disclosed its contract terms.
- Complaints & Service: GreenMed has received fewer than 10 public complaints.
- BBB Rating: GreenMed does not have a profile with the Better Business Bureau at this time.
- Rates & Fees: How Merchants Can Get The Best Rates With GreenMed
GreenMed Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||No|
|Most Common Complaint||N/A|
Low Complaint Total
There aren’t any negative GreenMed reviews at this time because the service is still very new. We have not found any complaints about the GreenMed token presale or the sign-up process for partner dispensaries, nor have we seen negative reviews of the service from a consumer perspective. The company’s website does not list any customer support contact information, but it is likely that buyers and sellers will have different channels of communication for their respective issues.
GreenMed Online Ratings
Here's How They Rate Online
The Better Business Bureau does not maintain a profile for GreenMed at this time. We therefore will not factor a BBB rating into this review.
GreenMed Fees, Rates & Costs
A Closer Look at The Contract
|Early Termination Fee||Variable|
|PCI Compliance Fee||Variable|
|Equipment Lease Terms||Variable|
GreenMed does not disclose its per-transaction fees and contract terms for merchants, and there is no publicly available information about GreenMed’s contract terms at this time. GreenMed is courting dispensaries to join its app with promises of rates that are “all inclusive and some of the lowests on the market,” but these exact rates are unlisted. GreenMed has stated its intention to collect a transaction fee and distribute the proceeds from this fee to GreenMed token holders. The company also plans to charge a delivery fee to customers who opt for delivery, as well as offer the ability for customers to tip delivery personnel. If you have any knowledge of GreenMed’s per-transaction fee or its contract terms (including any cash reserves or termination fees), please share that information in the comment section below this review.
GreenMed Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers||No|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
Inside Sales Team
GreenMed is currently marketing its service to dispensary owners who would like their locations listed in the app. GreenMed does not appear to engage in outbound B2B sales at this time, and it is unlikely that independent sales agents or telemarketers will ever be a major component of its sales strategy. GreenMed does not disclose what its transaction fee or contract terms are, but there are no complaints about the company’s sales approach thus far.
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