How Payment and
Data Solutions are Evolving in #Cannabis Market: (OTC: $GOHE) (TSXV: $DNAX.V)
(TSXV: RIV.V) (OTC: $REFG)
Point Roberts, WA and Delta, BC
- March 28, 2019 (Investorideas.com Newswire) Investorideas.com, a leading
investor news resource covering tech and cannabis stocks releases a snapshot
looking at how payment technology and data solutions have evolved due to the
regulatory hurdles facing the cannabis industry.
PaymentsJournal discussed the
"cannabis payments conundrum" and how as the cannabis industry
matures we are beginning to see an evolution in payment and data tech
companies.
From the article: "The next few years will be hugely important in
bringing more validity to the cannabis industry as it continues to expand into
new legalized markets. Tapping into the compliant payments solutions will
ensure that cannabis dispensaries and retailers will operate above reproach,
something their customers/patients, employees, banking partners, and state
regulators will appreciate.”
Global Payout Inc. (OTC: GOHE) and its operating subsidiary, MTrac Tech
Corp. just announced that Carol Gabel, a member of the Company’s
government relations team at MGR2 has been invited to speak at the New Jersey
Cannabis Insider event on April 3rd.
The timing is
critical, as next week New Jersey lawmakers are expected to vote on legalization.
Gabel will discuss the pending changes in the cannabis payments sector and the
company’s flagship product, the MTrac payment platform.
The event brings
together many of the key players from throughout the cannabis industry in New
Jersey and surrounding tri-state area to provide networking opportunities for
both new and established businesses in this rapidly expanding industry.
“Over the course of my career I have had the
distinguished opportunity to participate in the legislative process,” said Ms.
Gabel. “With this experience I have gained a deep understanding of the legal
challenges facing the cannabis industry and have harnessed that experience to
help businesses succeed. One of the most challenging aspects of working in the
cannabis industry is access to reliable banking and merchant processing
services, and I believe MTrac does a lot to solve those problems. MTrac's
payment platform helps both businesses and regulatory bodies by providing a
secure tracking method for tracing purchases and solves the problems of cash
only operations as well.”
The focus of the
conference is to help attendees come away with an in-depth understanding of
where the law stands, where the law is headed, and how to remain compliant in a
complicated regulatory environment. Ms.
Gabel intends to utilize this platform to discuss and highlight MTrac’s unique
blockchain-powered cashless payment solution, and how states with legal
recreational cannabis are leveraging the technology to increase safety and
compliance across the board.
BLOCKSTRAIN TECHNOLOGY CORP. (TSXV: DNAX) (OTC: BKKSF) recently announced that it has entered into a letter of intent
with Spark Digital Technologies Inc., whereby the Company will acquire all of
the issued and outstanding securities of Spark and the business of Spark.
Spark is the owner of
its proprietary platform, IgnitePro™, which was built exclusively for the
cannabis industry. The IgnitePro™
technology is connected globally and will be able to travel with cannabis
plants and products as they move from cultivation to distribution. IgnitePro™
will produce reports, store documentation and track transports, and when
combined with Blockstrain, is expected to ensure regulation and compliance
standards are being met and protected on the blockchain.
Medical Cannabis Payment Solutions Inc. (OTC: REFG), another leading provider of
regulatory-compliant financial services for state-sanctioned marijuana,
announced back in September the launch of their nationwide banking solution for
state-sanctioned cannabis, (PayWithGo) and recently provided an update on its activities in
2018 and its 2019 strategic direction.
Jeremy Roberts,
Company CEO commented, “Our corporate mantra has always been compliance,
security and accessibility. And we're currently hitting on each of those
principles. With the commercialization of Go!, which represents our single most
important milestone to-date, we are on the cusp of an entire new era of growth
and expansion as cannabis as well as other industries begin to adopt our
payment solution."
Canopy Rivers Inc. (TSXV: RIV) has also been keeping a close eye on the
rise in cannabis tech having announced earlier in the year that it has completed an
equity investment in Headset, Inc., a data and analytics service provider for
the cannabis industry. Canopy Rivers subscribed for C$4,084,500 of Series A
Preferred Shares in Headset, representing the Company’s first entry into a
technology-focused cannabis vertical.
The US House Financial Services Committee is expected to vote on the SAFE Act in the coming weeks,
which would permit commercial banks to offer services to cannabis companies
that are in compliance with state law. With these developments, the cannabis
landscape could change overnight and switch from a cash-based grey system to a
transparent economic powerhouse. This will be good news for the many payment
and data companies that have already postured to accommodate the cannabis
space, and could also represent a massive missed opportunity for the regulated
banking sector.
For investors
following cannabis stocks, Investor Ideas has created a stock directory of publicly traded CSE, TSX, TSXV, OTC, NASDAQ, NYSE, ASX
Marijuana/Hemp Stocks
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