Partnerships between Cannabis Companies Reduce Medical Debt for Those in Need

The total amount of medical debt owed by Americans is now estimated at $195 billion. It’s an anomalous gap in the United States, and it disproportionately affects the working class and minorities. Many people in the United States cannot afford the care they require because of medical bills.

According to RIP Medical Debt’s vice president of communications, “medical debt is a major burden on Americans.” RIP Medical Debt is a non-profit that works to reduce medical debt for people. People have to decide whether to pay their rent or buy food. In addition to the physical pain, there is also mental torment.

The strain of it all has the potential to worsen existing health conditions. People are also putting off visits to the doctor, even if they are necessary because they fear adding to their existing medical debt. If people are worried about accruing more debt, they are less likely to seek the medical attention they require.

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When it comes to helping California residents with their medical bills, RIP Medical Debt has teamed up with Wellgreens and Pacific Stone. The collaboration hopes to eliminate $3,000,000 in medical debt for California residents.

Skip Motsenbocker, CEO of Pacific Stone, found the partnership “very exciting” because “when I think of cannabis having originated on the medicinal side, this is a really interesting opportunity to go full circle and bring it all together.”

A natural fit existed between these two companies, so they decided to work together. Motsenbocker claimed that Wellgreens was Pacific Stone’s most important vendor in San Diego, which led to the eventual purchase of the store by all three businesses. When Wellgreens and Pacific Stone were looking for a charitable organization to work with, RIP Medical Debt was a natural choice.

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As Motsenbocker put it, “it’s a terrific way to say to the rest of the world, ‘hey, cannabis isn’t a bad thing.'” They’re not out to sell more drugs, but rather to do good. Everyone ought to be a part of a group that seeks innovative methods of giving back to society.

Since RIP Medical Debt purchases medical debt in bulk at a discount, the company claims that a given donation is worth 100 times as much in medical debt. According to Motsenbocker, the “truly wonderful thing” is the 100x multiplier. “For instance, we have launched the initial program to raise $30,000,” the author writes. “But in essence, that $30,000 eliminates $3 million in medical debt.”

RIP Medical Debt is able to determine who truly has a need for assistance by purchasing patient debt in bulk from hospitals. They can sort through the information and select the most deserving recipients for a letter informing them that their medical bills have been covered in full. Lempert affirmed, “We are a HIPPA-compliant organization.”

When working with a healthcare provider or a secondary debt market partner, we can scan the debt they have in bulk to find the ones that satisfy our criteria using our proprietary algorithms.

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Over $6 billion in medical debt has been forgiven through RIP Medical Debt. A total of $2.7 billion in medical debt was forgiven for 1.3 million people in 2021, as stated in their final report.

Even though cannabis is still illegal in many places and has a negative connotation for many people, Luis Itarte, Wellgreens’ director of licensing, believes this relationship will help change people’s perceptions of the cannabis sector. Ituarte said that even today, “cannabis still gets such a poor rep.”

It’s hard to find charities that will accept us. Not only are we not the only dispensary interested in charity work, but we also have competition. Every one of us has a heart for philanthropy. The cannabis subculture is rife with generous people. Having groups like [RIP Medical Debt] at the helm is helpful.

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