NEW YORK, Sept. 4, 2019 /PRNewswire/ -- Consumer trends are always changing and forcing many businesses to adapt accordingly. One of the biggest demands in the consumer industry is more efficient payment systems. With the emergence of online platforms, digital payment solutions have become a popular payment method. Consequently, most businesses involving customer interaction have implemented a digital payment system. And over the past several years, payment solution providers have improved their technology by providing faster transaction speeds and upgraded security. Generally, most large industries have already integrated a digital platform of some sort. However, there are many emerging industries that have not yet adopted digital payment solutions. Specifically, the cannabis industry was recently in dire need of technological advancements as legalization efforts continued to ramp up and more regions worldwide began to establish recreational or medical cannabis dispensaries. However, because cannabis is still listed as a controlled substance, many service providers have opted not to do business with the cannabis industry. As such, the lack of mutual relationships have hindered the cannabis industry's growth. However, as a result, many entrepreneurs have taken the initiative and launched operations in order to help accelerate the industry. Specifically, technology entrepreneurs have created platforms, such as seed-to-sale trackers or automated farming systems, to help maximize efficiency and maintain organization. And now, digital payment solutions are expected to be a major growth driver for the overall cannabis industry. According to data compiled by Ameri Research, the global legal marijuana market was valued at USD 14.3 Billion in 2016. By 2024, legal marijuana global sales are projected to reach USD 63.5 Billion while exhibiting a CAGR of 21.1% from 2017 to 2024. Global Payout, Inc. (OTC: GOHE), MariMed Inc. (OTC: MRMD), Emerald Health Therapeutics Inc. (OTC: EMHTF) (TSX-V: EMH), Aleafia Health Inc. (OTC: ALEAF) (TSX: ALEF), Tilt Holdings Inc. (OTC: SVVTF) (CSE: TILT)
Generally, most financial service providers tend to avoid dealing with cannabis businesses because of regulatory compliance matters. However, as legalization continues to suffuse throughout regions, financial institutions are beginning to launch operations within the cannabis marketplace. For instance, after the U.S. passed the Farm Bill in late 2018, which legalized hemp, many digital payment providers decided to offer their services to hemp-derived CBD retailers. Notably, businesses became able to manage their funds through an online portal instead of dealing with physical money, which was previously a major security concern. Prior, many cannabis-based operators had to hire a security service in order to transport and guard cash piles because banks refused to work with them. Now, as the cannabis market continues to evolve, financial service providers are beginning to tap into the cannabis market. And currently, the CBD marketspace is highly popular for most tech entrepreneurs. However, as the overall cannabis market continues to develop, service providers are expected to integrate into the broader industry as well. "Forward-thinking companies are stepping in to fill the gap created by outdated federal banking policies, and helping address the problems caused by a lack of financial services in the cannabis industry," said Morgan Fox, Media Relations Director for the National Cannabis Industry Association. "Lawmakers should take heed and open this space to all financial institutions."
Global Payout, Inc. (OTC: GOHE) just announced breaking news this morning that, "as the Company enters the last month of the third quarter of 2019 it has reached a point where it is effectively processing tens of millions of dollars in daily transaction volume across its growing base of clients in the multibillion-dollar cannabis industry.
As demonstrated in the Company's recent Q2 disclosure detailing Company financials, MTrac's growth trajectory has remained positive and has continued to gain significant traction throughout the year. This growth can be attributed to the successful strengthening of their foothold and market reach in what has become one of the most dynamic industries in today's economy. This feat has been accomplished in part through MTrac's success in securing several strategic service agreements with some of the largest companies in the industry today.
The company has recently signed a new account application with an anticipated 34 locations and has applications coming in weekly for the services offered through MTrac.
In addition to their expanding market reach, the Company is also fully engaged with key legislative partners in different states to help push for the adoption of their system as a means of providing merchants within these states with a viable and compliant payment processing alternative to cash as they remain focused on delivering "The Key to Cashless®" to as much of this diverse and expanding industry as possible.
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.
About MTrac Tech Corp. - MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Global Payout, Inc. MTrac 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. We are one network disrupting the status quo. It is MTrac's creative vision through the use of its innovative technology solution to become the premier service provider offering the "Key to Cashless®.""
MariMed Inc. (OTCQB: MRMD), a multi-state cannabis operator, is dedicated to improving the health and wellness of people through the use of cannabinoids and cannabis products. MariMed Inc. recently received a special permit to allow its Panacea Wellness™ dispensary in Middleborough to merchandise cannabis products under the Massachusetts adult use program. It will now proceed at the Cannabis Control Commission (CCC) for adult use final approval. The dispensary has already received town approval for medical use. The state's Cannabis Control Commission is anticipated to give the go-ahead to open Panacea Wellness under the medical use program following the inspection of the dispensary earlier this week. "This special permit brings Panacea Wellness another important step closer to participating in Massachusetts's adult-use cannabis program," said MariMed Chief Operating Officer, Tim Shaw, "and keeps us on track to becoming the first company to provide top-quality cannabis medicines to the residents of Middleborough and the surrounding area.
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."
Aleafia Health Inc. (OTCQX: ALEAF) (TSX: ALEF) is a leading, vertically integrated cannabis health and wellness company with four primary business units. Aleafia Health Inc. recently announced that its wholly owned subsidiary, Emblem Cannabis Corporation, had completed the largest adult-use cannabis order in the Company's history. The value of the Order is expected to generate proceeds from the sale of cannabis exceeding USD 1.0 Million, and has been shipped to a Canadian provincial government for distribution to online and retail consumers. The single Order features all of the Company's product formats and 17 individual product SKUs. Aleafia Health's average monthly gross revenue generated from the sale of cannabis now consistently and significantly exceeds equivalent revenues generated during Aleafia Health's entire 2018 annual reporting period. "Our largest cannabis sale to date again points to the consistent, upwards trajectory of Aleafia Health as we grow and refine our vertically integrated production supply chain across three facilities," said Aleafia Health Chief Executive Officer Geoffrey Benic.
Tilt Holdings Inc. (OTCQB: SVVTF) (CSE: TILT) serves cannabis brands worldwide through a strong network of portfolio companies committed to technological innovations that support long-term success. TILT Holdings Inc. recently announced the expansion of retail offerings for its wholly-owned subsidiary Jupiter Research, a designer, developer and manufacturer of vaporizing technologies for natural plant-derived oil. Jupiter will offer a complete starter kit in retail-ready packaging that includes black Liquid6 power supply and one empty black powder-coated collar 1.0 ML fill-your-own cartridge. This latest product offering was created to further Jupiter's goal of being an innovative leader in the global vaping market and provide the high-quality products to their brand partners. The vape market continues to be a fast growing segment in the cannabis industry. In 2019 and for the first time ever, California sold more concentrates than flower, and vapes were ranked the most popular method of ingesting concentrates. Vape sales grew 69 and 80 percent in California and Oregon, respectively, according to BDS Analytics data. "Consumer behavior trends are leaning towards vaping products as the preferred cannabis consumption method and Jupiter continues to lead the industry with its high-quality products, including the launch of this product," said Mark Scatterday, Interim Chief Executive Officer of TILT Holdings. "Jupiter's Liquid6 Complete Starter Kit is an all-in-one package solution. This latest technology is a direct reflection of our passion to design, develop and manufacture high-performance and state-of-the-art vaporization technologies designed for today's high viscosity extracts."
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