NEW YORK, Aug. 22, 2019 /PRNewswire/ -- People around the world have had to adapt to the digital age as technology continues to play an important role in our society. Additionally, it has become apparent that businesses need to implement certain forms of technology to thrive among the competition. For instance, digital payment solutions are one of the most talked-about pieces of technology as they allow customers to pay for products in a whole new way. Specifically, many payment providers are solely focused on developing state-of-the-art solutions as the widespread use of payment solutions has tapped into various markets such as finance, retail, and medical. Notably, the digital payments market has also been integrated into the cannabis industry. Following the spur of legalization efforts, many legal channels have been emerging such as dispensaries, cultivators, and distributors to rival those previously found via the black market. In particular, many legal dispensaries have implemented a digital payment system to speed up the payment process. Furthermore, payment processes have also been implemented into seed-to-sale technologies, which monitor and verify the process from when the plant is initially planted to when it is sold to the customer. Lastly, the introduction of digital payment solutions has also created online portals where customers can purchase products at the comfort of their homes. As a result, technological advancements are expected to accelerate the growth of the industry by attracting new customers by providing them with complete background information regarding the product they wish to purchase. And according to data compiled by Verified Market Research, the global marijuana market was valued at USD 42.20 Billion in 2016. By 2025, the market is expected to reach USD 466.81 Billion while registering a CAGR of 35.3% from 2018 to 2025. Global Payout, Inc. (OTC: GOHE), Planet 13 Holdings Inc. (OTC: PLNHF) (CSE: PLTH), Emerald Health Therapeutics Inc. (OTC: EMHTF) (TSX-V: EMH), MariMed, Inc. (OTC: MRMD), Terra Tech Corp. (OTC: TRTC)
Aside from the quality of life features, the integration of technology has also introduced innovative products into the marketplace. For example, extraction technology has become widely popular because it allows producers to create oils, which are much more potent than dried cannabis flower. And while the industry still remains in its infancy stage, many entrepreneurs are quickly entering into the appealing market. Compared to oversaturated markets, the cannabis industry is relatively small because of its current illegal status under international regulations. Additionally, the difficult process of obtaining licenses also makes the market even smaller and more competitive. As a result, more companies are entering the side of the cannabis industry that does not directly engage with cannabis physically. By avoiding direct contact with cannabis, businesses face a lesser federal risk and liability than operators who interact with the plant, helping promote the rise of cannabis tech companies. "A lot of individuals nowadays are working on really advanced technologies to improve and optimize the formulation and delivery of cannabis. We are seeing new technologies that control how quickly you feel the effects, the consistency of effects, and the entire consumer experience. Tech innovation and ongoing R&D are ingredients that the industry needs to continue to mature and grow," said Garbuz.
Global Payout, Inc. (OTC: GOHE) yesterday announced breaking news that, "the company has retained one of the nation's leading government affairs organization, Strategies 360 (S360), to further the platform's legislative push to be recognized as the most innovative and seamless SaaS (Software as a Service) solution to facilitate cashless, compliant, and secure payments for the legalized cannabis industry.
Headquartered in Seattle, WA, S360 represents a broad range of sectors with an expanding footprint in 12 western states and D.C. The S360 team is comprised of some of the brightest and forward-thinking former executives from various industries, such as technology, finance, and energy, in addition to former state public office holders.
One of the primary goals of the MTrac platform has been to assist governments in their efforts to both regulate the cannabis industry and solve the issues associated with cash heavy transactions and lack of available banking resources. Some states have recently been exploring closed-loop systems to implement statewide regulatory oversight of legal cannabis operations. For example, the state of Arizona has opened a "Fintech" sandbox, allowing various closed-loop systems into the Arizona market on a limited basis to see how well they operate. Nevada will, very shortly, be opening a Request for Proposal to find a closed-loop, blockchain platform that will allow their cannabis industry to accept digital payments. It is the opinion of management that the MTrac system is the most seamless version of this payment platform available and offers the added benefit of having a large and growing customer base to provide proof of concept, similar to the recent state-wide launch in Louisiana.
"The agreement with S360 could not have been timelier in terms of presenting our solution to the western region, to showcase the features and functionality of the platform's closed-loop eWallet accounts for the states' lawmakers." said Mr. LeBlanc. "We are extremely excited to be working with such a dynamic and results-driven government affairs team. The opportunity to present our platform at the highest levels of state regulators and legislators is an objective that our legal and compliance teams have been working toward for the last several months, and the partnership with S360 is now making this opportunity a reality."
The Company looks forward to working closely with the S360 team to introduce its payment platform to the western states and will keep shareholders apprised of its progress at regular intervals.
About Global Payout, Inc. (OTC Pink:GOHE): Since the Company's inception in 2009, Global Payout, Inc. has been a leading provider of comprehensive and customized prepaid payment solutions. From 2014 to 2017 Global focused on identifying new state of the art technologies in a variety of industry sectors and successfully helped launch MoneyTrac Technology Inc. and other companies within the FinTech space. In 2018, Global completed a reverse triangular merger with MoneyTrac Technology Inc. resulting in Global retaining the wholly owned subsidiary, MTrac Tech Corporation. Global's current focus is continuing to identify new business opportunities while it reorganizes its future business endeavors."
Planet 13 Holdings Inc. (OTCQX: PLNHF) (CSE: PLTH) is a vertically integrated cannabis company based in Nevada, with award-winning cultivation, production and dispensary operations in Las Vegas. Planet 13 Holdings Inc. recently announced that it has begun construction of a 2,000 sq. ft. Event Space, a part of the Phase II expansion of the Planet 13 Cannabis Entertainment Complex. After successfully hosting VR Fest during the Consumer Electronics Show ("CES") Planet 13 has fielded a substantial number of requests to host various other events, including corporate events, conferences, and weddings. The Event Space will have the capacity to host up to 200 people and have the ability to expand capacity utilizing the coffee shop and bistro to host fully catered events for up to 350 people. "During the two days that we hosted VR Fest, we had over 3,000 people in the SuperStore each day. Las Vegas brings people from all over the world together to attend unique events and personal celebrations each year. By building-out our Superstore footprint to host a selection of these gatherings in a super-premium environment centered around a holistic cannabis experience, we will give these visitors lasting memories, generate additional revenue and accelerate our brand extension efforts both nationally and internationally," said Larry Scheffler, Co-Chief Executive Officer of Planet 13. "We view each event we host as an opportunity to showcase our brands and create a lasting memory. There is nothing like our Superstore anywhere in the world, and as our reputation has grown, we have experienced growing demand for a premium event space, located within walking distance of the Las Vegas Strip, to host everything from weddings to smaller conferences. We guarantee that you'll remember your event, the Superstore and the TRENDI vape that was with you the whole time."
Emerald Health Therapeutics Inc. (OTCQX: EMHTF) (TSX-V: EMH) is a Canadian licensed producer of cannabis products, with strategic initiatives focused on differentiated, value-added product development for medical and adult-use customers supported by novel intellectual property, large-scale cultivation, extraction, and softgel encapsulation, as well as unique marketing and distribution channels. Emerald Health Therapeutics, Inc. recently received its cultivation license from Health Canada for the 12-acre outdoor grow area at its new organic cannabis operation in Metro Vancouver, BC. The outdoor grow area is expected to be capable of producing approximately 10,000 kg of cannabis annually with multiple crops during a full growing season. With this license effective as of July 12th, 2019, Emerald is positioned to deliver one harvest and a portion of the expected full production volume this year. "As one of the few licensed producers licensed for outdoor growing, receiving this cultivation license highlights our planning and execution to achieve potentially very-low cost organic cannabis. We have been working for months on ground and seed preparation and are now preparing for planting," said Dr. Avtar Dhillon, Executive Chairman and President of Emerald. "With our team's extensive organic farming experience and expertise, we look forward to assessing multiple cannabis strains and refining cultivation practices for scalable outdoor growing."
MariMed, Inc. (OTCQB: MRMD) is dedicated to improving health and wellness with the highest quality hemp and cannabis products. MariMed Hemp, a subsidiary of MariMed, Inc., recently launched the Hemp Engine™, a turnkey retail marketing platform for the fast-growing CBD sector. The platform supports sales and marketing decisions for a wide range of CBD products based on quality, popularity and price point, allowing distributors and retailers to maximize returns and increase sales efficiency. Co-developed with Sprout™, the leading CRM provider to the cannabis industry, the platform is driven by proprietary data and technology. "Hemp Engine creates powerful new distribution opportunities for our hemp-derived CBD brands," commented MariMed Chief Executive Officer, Robert Fireman. "It will help us further penetrate the growing hemp space. We expect to deliver the first in-store installations over the next several weeks."
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blm, IVXX Inc., Edible Garden, and MediFarm LLC. Terra Tech Corp. recently announced that it had broken ground at 620 East Dyer Road, Santa Ana, CA, following receipt of the necessary permits from the City of Santa Ana which allow construction to commence. The Company is developing a large scale, one-of-a-kind cannabis complex on East Dyer Road, which is adjacent to the 55 Freeway and acts as an entry point into the Southern California marketplace, allowing the Company to benefit from the areas high population density and traffic. Chief Executive Officer, Derek Peterson, said, I would like to extend our thanks to the City of Santa Ana for its ongoing support as we advance our plans to build out a Blm-branded retail dispensary at our East Dyer location. We are also developing a cannabis event center, which is anticipated to make us a highly sought-after destination in one of the countrys most important cannabis markets. The Dyer Road facility is in a densely populated area, with approximately 4,100,000 residents living within 20 miles of the location. It also benefits from a high level of tourism due to its proximity to Disneyland, another major Southern California attraction. This is a very exciting project for us and we expect construction to be completed in the fourth quarter of 2019.
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