Pacific Stone Partners with RIP Medical Debt to Alleviate Medical Debt

Pacific Stone and RIP Medical Debt aim to raise $30,000 for a $3 million debt abolishment in California

SANTA BARBARA, Calif. , July 12, 2022 /PRNewswire/ -- Pacific Stone, a premier seed-to-sale company producing 6.5 percent of the licensed California market's cannabis flower, announces its ongoing partnership with RIP Medical Debt and participating California retailers with the goal of alleviating $3 million in medical debt for families across the state of California.

Because of RIP Medical Debt's unique model of purchasing medical debts in large portfolios for a fraction of their face value, every one dollar donated relieves, on average, $100 of medical debt. Pacific Stone's goal is to raise $30,000 to abolish $3 million of burdensome medical debt for Californians in need. The first in-store promotional event will take place from July 15 through July 17 at two Wellgreens dispensary locations in San Diego. Consumers can support this initiative by purchasing the following Pacific Stone products:

• Every purchase of a 3.5g bag or jar erases $100
• Every purchase of a 7g bag or pre-roll erases $200
• Every purchase of a 28g bag erases $600

RIP Medical Debt's partnership with Pacific Stone is the latest step in their overall goal of abolishing financially burdensome medical debt around the United States. Employing a model that mimics for-profit debt buyers, the national nonprofit uses fundraised dollars to purchase medical debt in large, bundled portfolios at below market value. After acquiring the debt, the organization contacts the individuals whose debt(s) they have purchased and notifies them that they are no longer obligated to pay. Thus far, the national nonprofit has raised enough money to abolish over $7 billion of medical debt for nearly four million families.

"It is a pleasure to collaborate with a mission-driven organization such as RIP Medical Debt. Their noble work has already helped millions and we are excited to help change the lives of many more families across California," said Skip Motsenbocker, CEO of the Pacific Stone's family of brands. "The support of Wellgreens dispensaries is also critical to the success of this partnership. Moving forward, we hope that more dispensaries will get involved. Not only will their support help families in need, but it can also help build a strong connection between the dispensary and the community it serves. Cannabis has a rich history in the medicinal realm and this is another way the sale of the plant can provide medical benefits."

"Medical debt is an issue that plagues many states across the country and California is no different. One in ten California residents struggles to pay their medical bills. By partnering with Pacific Stone, we can bring this societal issue to the forefront in a unique way," said Allison Sesso, President & CEO of RIP Medical Debt. "We look forward to hosting more fundraisers with Pacific Stone at dispensaries across the Golden State."

"Part of being good corporate citizens and stewards of our community is giving back to the residents we serve," said Sarmad Hallak, CEO of Wellgreens. "No one should have to face crippling debt as a result of medical treatments they needed. That's why we at Wellgreens are honored to contribute to RIP Medical Debt to alleviate a minimum of $200,000 of medical debt for San Diego families."

Once Pacific Stone has reached its fundraising goal, RIP Medical Debt will send branded letters to those California residents whose debts have been abolished. RIP only retires debts for those in financial need (400 percent or below the federal poverty level or those owing a debt that's five percent or more of their annual income). Debt relief can unfortunately not be requested, and is random based on those qualifying medical debts RIP can purchase or receive via donation.

Dispensary owners in California can join in supporting these efforts by contacting their local Pacific Stone sales representative. For more information about Pacific Stone's partnerships and philanthropic efforts, please visit https://pacificstonebrand.com/.

About Pacific Stone
Pacific Stone was founded in 2015 as a labor of love by friends and family from the 805 who were passionate about growing clean, consistent and affordable cannabis for California. They are cannabis cultivators and sixth-generation Dutch greenhouse growers who built the coastal indoor greenhouses they cultivate in. They only sell what their team grows, cures and packs to bring you farm-direct cannabis at the best price, year-round: Single Source. Family owned and operated. Indoor-greenhouse cannabis. California's best-selling flower. Learn more: https://pacificstonebrand.com/.

About RIP Medical Debt
Since being founded in 2014 by two former debt collectors, RIP Medical Debt has acquired — and abolished — more than $7 billion of burdensome medical debt, helping over 3.6 million families and addressing a major social determinant of health. RIP partners with individuals, faith-based organizations, foundations and corporations and empowers donors by converting every dollar contributed into $100 of medical debt relief on average.

RIP partners with hospitals and health systems and physician groups to acquire medical debt for abolishment. RIP rose to national prominence on an episode of HBO's "Last Week Tonight" with John Oliver in which RIP facilitated the abolishment of $15M in medical debt.

In December of 2020, philanthropist MacKenzie Scott donated $50 million to RIP to help uplift struggling communities. To learn more, visit: https://ripmedicaldebt.org.

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SOURCE Pacific Stone