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.
Key Points
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.
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
Customer Reviews Summary
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 Customer Satisfaction Ratings
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 & Contract
Rates & Fees Summary
Swipe Rate
Variable
Keyed-in Rate
Variable
Early Termination Fee
Variable
PCI Compliance Fee
Variable
Equipment Lease Terms
Variable
GreenMed Contract
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 Practices
Jobs & Marketing Summary
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.
GreenMed Review Summary
GreenMed was an interesting up-and-comer in the marijuana payment processing segment of the industry, but it appears that the claims that it was a scam have come true. It is advised to avoid anything related to this company.
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Reader Comments, Testimonials & Complaints
4 User Reviews
Joseph Fowler
6 ethereum or $1300. Now nothing. This is the definition of an exit scam. Robert Bergman and everyone else involved with this project is an absolute crook
Elizabeth Donohoe
I supported the initial greenmed ico. My investment went from $330 to $1 and change. No communication,no effort to communicate from company/management. Their company has evolved into something completely different than their white page focus. They are a company with little integrity. Nd have completely abandoned their investors.
In fairness to Robert Bergman, in contacting his assistant directly and getting feedback from him it seems that he was largely in the dark. It would be a good token gesture for him to allow us to be able to use tokens to acquire seeds to equal value at ILGM…..I only invested in this ICO because Robert Bergman was an adviser . Ive lost 5k and while that’s not his fault I think he should really front foot it. David Dahan and Bram Kornfeld have been dishonest and given that Greenmed was founded in the US I can only hope that they are held accountable for their actions.
GreeMed turned out to be a scam token. The people involved took the ICO money and executed a good old exit scam. Glad I only invested $25 with these thieves. I would start by boycotting Robert Bergman’s website and webshop as he doesn’t deserve one more penny from honest people. If someone can find the Frenchman who ran this entire ponzi, I would love to have a face to face with him and re-arrange his facial design.
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Joseph Fowler
6 ethereum or $1300. Now nothing. This is the definition of an exit scam. Robert Bergman and everyone else involved with this project is an absolute crook
Elizabeth Donohoe
I supported the initial greenmed ico. My investment went from $330 to $1 and change. No communication,no effort to communicate from company/management. Their company has evolved into something completely different than their white page focus. They are a company with little integrity. Nd have completely abandoned their investors.
This post will help: How to Report Bad Credit Card Processors
-Phillip
Brendan
In fairness to Robert Bergman, in contacting his assistant directly and getting feedback from him it seems that he was largely in the dark. It would be a good token gesture for him to allow us to be able to use tokens to acquire seeds to equal value at ILGM…..I only invested in this ICO because Robert Bergman was an adviser . Ive lost 5k and while that’s not his fault I think he should really front foot it. David Dahan and Bram Kornfeld have been dishonest and given that Greenmed was founded in the US I can only hope that they are held accountable for their actions.
This post will help: How to Report Bad Payment Processors
-Phillip
GreenMed_Exit_Scam
GreeMed turned out to be a scam token. The people involved took the ICO money and executed a good old exit scam. Glad I only invested $25 with these thieves. I would start by boycotting Robert Bergman’s website and webshop as he doesn’t deserve one more penny from honest people. If someone can find the Frenchman who ran this entire ponzi, I would love to have a face to face with him and re-arrange his facial design.