New #Payment
Solutions Aiding the #Cannabis Sector: (OTC: $GOHE) (TSX: $LSPD.TO) (CSE:
$PLTH.C) (OTC: $PLNHF) (CSE: $AGRA.C) (OTC: $AGFAF)
Point
Roberts, WA and Delta, BC - September 11, 2019 (Investorideas.com Newswire) Investorideas.com, a leading
investor news resource covering hemp and cannabis stocks releases a snapshot
reporting on banking and payment issues in the cannabis industry in both the US
and Canada, and some of the new payment solutions coming to market aiming to
address these issues.
Read this in full
at https://www.investorideas.com/news/2019/cannabis/09111PaymentSolutions-Stocks.asp
In recent news, Arizona began looking to FinTech and stablecoin to
help solve the payments problem faced by the cannabis industry. According to a recent announcement from the State’s Attorney General, digital token
startup ALTA “has been approved to enter Arizona’s FinTech Sandbox,” making it the
seventh participant in the innovative program.
“ALTA is a private
financial services ‘club’ using money transmission services and digital asset
technology aimed at providing a cash management solution for licensed medical
marijuana providers and vendors. ALTA uses digital tokens to allow members to
safely transfer cash. ALTA allows those tokens to be redeemed for cash and the
value of the token never fluctuates,” the announcement said.
As one recent analysis put it, “Cryptocurrency accounts and transactions
are anonymous, an additional benefit to customers who don’t want their
marijuana purchases known.” Not only that, but “digital assets provide for the
immediate settlement of funds, or when combined with blockchain technology
provides for nearly instantaneous validation of all transactions, as opposed to
waiting hours or days for a credit card payment to post.”
Global Payout Inc.’s (OTC: GOHE) subsidiary company, MTrac Tech Corporation is a software technology,
sales and marketing, and business development company focused on “high risk”
and “high cost” industries. The Company’s flagship product is the MTrac payment
platform offering a full-service solution with technology offerings including
Payment Platform, Blockchain, Compliance, POS, E-Wallet, Mobile Application and
Digital Payment Solutions.
The Company today
reported, “For the better part of the past several months the Company has been
fully engaged in a two-year audit as part of a key and necessary requirement to
effectively complete its Form-10 filing and provide the Company with the fully reporting
status that management has been eager to achieve since assuming control of the
Company in June of 2018. Since April of
this year, the Company has been working in collaboration with Albeck Financial
Services, Inc. to review and reconcile the Company’s financial records from the
last two years in preparation to be turned over for review and audit by M&K
CPAS, PLLC, one of the final steps required prior to filing the Form-10. And
while the Company admits that at times this process has been painstakingly
intricate and complex, it is both pleased in the progress that has been made
and recognizes the overall significance it will provide in helping Global
Payout establish a strong financial foundation that it believes will be pivotal
in fostering its anticipated growth and expansion over the next several years.”
“We have approached
this process of reconciling our financials with extreme care and prudence as we
understand how important achieving fully reporting status is to the company,”
said Global Payout COO, David Flores. Filing our Form-10 remains at the very
top of our agenda given the credibility and transparency it will afford us. The
filing is a vital component to establish Global Payout and MTrac Tech as
legitimate powerhouses in the cannabis and fintech market sectors and we will
continue to work diligently on its completion.”
The Company said it
anticipates releasing additional updates as it relates to this ongoing audit
and as it gets closer to filing its Form-10.
Not only are we
seeing payment issues in the cannabis industry, but also in the emerging
hemp/CBD space. Entering the public market, Lightspeed POS Inc. (TSX: LSPD), one of the TSX’s most notable IPO’s this
year, is known as a disrupter in the payment industry. Lightspeed® POS software
has been a major provider of much needed organization and productivity to the
CBD market by managing customers, inventory and employees all in one easy
system.
According to a report on payments, “Lightspeed® has been around since 2013 and
is a merchant favorite with over 50k users. Now, with the regulation changes on
hemp oil, CBD merchants can now take advantage of this amazing POS system. CBD
businesses are now able to move out of the shadows and flourish along with the
growing public demand for their products.”
Continued: “Lightspeed® allows you to integrate to iPad
POS Systems, mobile credit card readers and computer desktops. Bring your CBD
shop into the 21st century and provide the comfort and convenience customers
have come to expect.”
In
other recent news, some retailers have found innovative new approaches to dealing with
these payment problems. In one example, credit card statements will show that a
purchase was made at the “Midgrun Eats LLC Food Truck, not at the Blüm Marijuana Dispensary,” the Reno
Gazette-Journal reports.
“It’s not even a back
door, it’s more like an upper window,” Jeremy Skaff of Colorado-based Journey
Business Solutions told the newspaper. Skaff is a marijuana business financial
advisor.
The label allows Blüm
to take credit cards in an industry that is typically cash-only. “The more
options that you give people to pay, the more business you’re going to get. No
one carries cash anymore,” Skaff told the news outlet. No other dispensaries in
Nevada’s Washoe County take credit cards except the six Blüm shops.
Size also matters in
this young industry, as according to one recent report, Planet 13 Holding’s 13,000-square-foot legal
retail dispensary in Vegas includes a “pizzeria and coffee house to attract
customers who don’t partake in the now-legal herb.” Not only that, but “it
offers an Apple Store-like atmosphere, with sleek modern decor, digital
projections and motion-sensor displays, and friendly associates toting iPads.”
Planet 13 Holdings Inc. (CSE: PLTH) (OTC: PLNHF) also recently announced that the Cannabition Cannabis Museum has entered
into a lease with Planet 13 to be part of the Las Vegas Cannabis Entertainment
Complex. Cannabition previously operated
a 10,500 sq. ft. cannabis-themed immersive art museum in Las Vegas featuring
more than 20 unique, cannabis inspired installations that celebrate the art,
culture and history of the medical and recreational cannabis experience. For
more details on Cannabition please visit https://cannabition.com. To view Cannabition's plans for the SuperStore
please visit here.
"Cannabition's
multi-level immersive cannabis art museum fits perfectly with the SuperStore
mission to create an interactive and differentiated cannabis-based
experience," said Larry Scheffler Co-CEO of Planet 13. "The
SuperStore's addition of a Café, Pizzeria, event center, customer facing
production facility and now Cannabition, will continue to cement the
SuperStore's reputation as a one-of-a-kind shopping and entertainment
destination in Las Vegas; creating an experience that no dispensary in the
world can replicate."
J.J. Walker, Founder
of Cannabition added, "The SuperStore, which already hosts over 3,000
cannabis enthusiasts per day, is the perfect location to bring Cannabition to a
huge new audience and to be a part of the premier cannabis destination in the
world. Our interactive cannabis-themed art museum has been featured on CNN,
Conan O'Brian, and CNBC and I know Planet 13 visitors will love our immersive
exhibits, innovative event space and curated retail store."
The lease is for a
five-year term, with an option to extend for an additional three years. As of
the date of this press release, the anticipated size of the Cannabition
premises is 7,000 square feet. Although
the final opening date remains subject to obtaining regulatory approvals in
Nevada, the parties anticipate that the facility will open in Q2 of 2020.
The cannabis cash and payment problem is not only limited
to the US, as a similar problem exists in Canada, where
pot is legal across the entire country, but where the reluctance of US-based
financial institutions and payment service providers is also felt.
While this lack interest from US financial institutions
may be felt, it hasn’t slowed the ambitions of Canadian companies such as AgraFlora Organics International Inc. (CSE: AGRA) (OTC: AGFAF), a growth oriented and diversified international
cannabis company, who recently provided some licensing guidance and operational
updates pertaining to the Company’s 2,200,000 square foot Delta Greenhouse
Complex.
The Company’s Phase 1 retrofit of its flagship Delta
Greenhouse Complex is comprised of approximately 431,000 square feet of
cultivation/processing expanse, including over 130,000 square feet of net
flower canopy and is estimated to produce 15,000,000 million grams of premium
cannabis annually. With the completion of PSC's Phase 1 retrofit, the Company's
current annual projected output of dried flower is approximately 160,000 kg
including 2020 forecasted production at its purpose built AAA Heidelberg craft
cannabis cultivation facility. In addition, AgraFlora anticipates the
successful recapture of over 1,000,000 grams of premium cannabis trim to be
manufactured into ancillary value-added cannabis products on an annualized
basis.
AgraFlora worked with experienced security and licensing
consultants at 3|Sixty Secure to obtain consulting services and produce the
attestation package for the license application. 3|Sixty’s consultants are
industry experts who have worked directly with more than 60 per cent of
Canadian LPs and ensure their clients’ attestation packages meet the highest
standards possible.
Brandon Boddy, Chairman and Chief Executive Officer of
AgraFlora stated, “The successful submission of our Evidence Package to Health
Canada is a momentous milestone in AgraFlora’s evolution towards the
cultivation of premium, genetically characterized cannabis under 2.2 million
square feet of glass at our world-class Delta Greenhouse Complex. Based on the
most recent timelines from Health Canada, AgraFlora anticipates the award of a
standard cultivation license within six to eight weeks.”
AgraFlora projects that Phase 1 of the Delta Greenhouse
Complex retrofit will be completed on or before October 31st, 2019
and upon receipt of a standard cultivation license, in accordance with the
Cannabis Act and Regulations, expects to immediately import a portfolio of high-end
cultivars under a declaration from Health Canada. As a result of extensive
deliberations with PSC and its industry consultants, the Company's internal
forecasts indicate that the inaugural harvest at its Delta Greenhouse Complex
will occur within the first quarter of 2020.
Until the passing of the proposed Safe Banking Act, which the US House of Representatives
is expected to vote on in the coming weeks, both US and
Canadian cannabis companies will have to continue to rely on innovative payment
solutions utilizing fintech and blockchain technologies. Furthermore, while the
Safe Banking Act would provide much needed institutional support, the retail
segment of the industry may continue to rely on these new payment technologies
as they provide not only safe/secure payment methods but also advanced data
analytics which has become a highly valued commodity to the industry.
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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