POINT ROBERTS, Wash. and DELTA, British Columbia, March 21, 2019 (GLOBE NEWSWIRE) — Investorideas.com, a leading investor news resource covering tech and cannabis stocks releases a snapshot looking at the continued growth of payment solutions in the cannabis industry and how participating companies are preparing for the future as regulations change.
A recent article from MarijuanaBreak.com, discussed the ups and downs of payment processing in the legal cannabis market and why payment solution alternatives are so necessary in this industry; “As of 2017 only around 300 of the 11,000 operational banks in the U.S. will comply with legal marijuana companies or vendors.” The article goes on to discuss the downsides caused by this lack of financial access, such as security (for cash only dispensaries), regulation issues (payment solutions companies unfamiliar with the legal landscape) and customer access (an inability to expand or increase online sales due to lack of accepted payment options).
This is where companies like Net Element, Inc. ( NASDAQ: NETE ), a global technology and value-added solutions group that supports electronic payment acceptance in a multi-channel environment, including point-of-sale, come into play, having announced its entrance into the cannabis sector in October of last year. The company also recently announced that its subsidiary, Unified Payments is among the first companies to achieve self-regulatory certification from the Electronic Transactions Association.
Global Payout Inc. ( OTC: GOHE ), who through its subsidiary, provides electronic wallet and e-banking financial solutions for the marijuana industry, recently announced transactional data and revenue into Q1 of 2019 which highlights the continued growth, adaptation, and overall benefit to the one-of-kind MTrac Payment Solution.
As has been the trend since the current iteration of the MTrac system was deployed back in October, totals associated with daily and monthly sales and transactional volume along with the average ticket cost processed within the system continue to climb each month at what the Company perceives to be a very steady and encouraging pace, and the first quarter is seeing a continuation of this very positive trend.
Global Payout Inc. and its wholly owned subsidiary, MTrac Tech Corporation also announced that the US Patent and Trademark Office has federally registered its patented slogan, ‘The Key to Cashless®’ under Trademark Registration #5705041.
“This slogan represents our philosophical vision for the financial solutions our team is delivering to an industry in need,” said Vanessa Luna, MTrac CEO. “The cannabis industry has, in my opinion, been federally handcuffed by Schedule 1 classification, and all of the state-licensed cannabis businesses, who are doing everything correct from a regulatory compliance perspective to remain in good standing with its state and local governments, and who are creating jobs and generating tax revenue for the betterment of communities, have been effectively cut off from traditional banking services. These organizations have endured many challenges such as high security costs, managing financial expenditures, and all of the risks associated with cash-only or cash-heavy operations,” says Ms. Luna.
CannaOne Technologies ( CSE: CNNA ) is not only focused on the US, but on international cannabis markets as well, having announced that it has entered into a formal agreement with Manna Health Services SA de CV of Mexico City (“Manna”), to undertake the development, launch and operation of an industry leading online CBD product purchase and delivery marketplace for the Country of Mexico.
“BloomKit, our enterprise software solution, will give Manna the capability to offer a flagship and fully operational online CBD marketplace once Mexican regulations are finalized. For example, It will offer Manna the ability to inherently monitor and track pick-up and delivery logistics, and the capability to deliver historical and current trending analytics to ensure optimal management of all CBD sales channels. It will provide this all with the benefit of a simple and easy to use built in eCommerce solution.”
Medical Cannabis Payment Solutions Inc. ( OTC: REFG ), another leading provider of regulatory-compliant financial services for state-sanctioned marijuana, provided an update on its activities in 2018 and its 2019 strategic direction;
“We announced last September that we have launched our nationwide banking solution for state-sanctioned cannabis. We’re happy to announce today that we have several dozen accounts open and over 120 applications in our queue,” said Jeremy Roberts, the company’s CEO. “Not only does this provide a revenue stream for the company, but we believe we are the only company currently providing banking services in all states with legalized cannabis.”
“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,” continued Mr. Roberts.
Compliance, security and access will continue to be key factors affecting the cannabis industry and 2019 looks to be a promising year for payment solution companies aiming to put their products to the test in one of the fastest growing sectors.
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