Investorideas.com releases a snapshot reporting on banking & payment issues in the cannabis industry, along with new payment solutions addressing these issues
Global Payout Inc. (Other OTC:GOHE)
POINT ROBERTS, WASHINGTON, UNITED STATES, September 10, 2019 /EINPresswire.com/ — Innovative Payment Tech for Cannabis Market- (OTC: $GOHE) (TSX: $LSPD.TO) (CSE: $PLTH.C) (OTC: $PLNHF) (CSE: $AGRA.C) (OTC: $AGFAF)
Point Roberts WA, Delta, BC – September 10, 2019 – 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.
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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.”
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.”
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.
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.
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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Source: EIN Presswire