He said, she said, they said !
Ganjapreneur report
Cannabis brands have been facing a significant challenge in accessing financial services since states began to legalize the plant. This struggle has been highlighted by a recent lawsuit filed by FP Omni Technologies, a cannabis-friendly payment processor, against TSYS Acquiring Solutions, LLC (“TSYS”), a subsidiary of Global Payments, Inc. The lawsuit, filed in the Superior Court of Gwinnett County, Georgia, details FP Omni’s claims against TSYS, alleging false representation and a breach of contract.
In a press release published on December 28th, FP Omni Technologies, based in Peachtree City, Georgia, announced its decision to wind down operations. Since 2020, the company has provided hundreds of dispensaries and their customers with a compliant way to process legal cannabis transactions.
According to the announcement, the issues leading to the shutdown stem from FP Omni’s inability to continue payment processing services promised by TSYS. The two parties had reportedly entered into a long-term agreement in 2019, which FP Omni alleges TSYS has not honored. Specifically, FP Omni claims TSYS misrepresented its ownership and control over the payment gateway through which FP Omni’s transactions were processed and failed to provide the agreed-upon payment processing services without the consent of any other entity.
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