CannabisNewsWire
Editorial Coverage: Albert Einstein may have said it best: “In
the middle of difficulty, lies opportunity.” The changing landscape
of the cannabis industry perfectly illustrates this quote, and who
better to know it than the companies and individuals involved in
this burgeoning business? Canadians are standing by while
government leaders grapple with last-minute details of legalizing
adult-use recreational cannabis nationwide, while Americans watch
lawmakers debate and often reject legislation that would make some
form of the highly regulated plant legal in more states. Companies
poised to benefit from this “green rush” are providing services
specifically tailored to this growing market that, from the
outside, can appear chaotic. Among the companies responding to the
call are Global Payout, Inc. (GOHE) (GOHE
Profile), Terra Tech
Corporation (OTCQX: TRTC), GB Sciences Inc.
(OTCQB: GBLX), Lexaria Bioscience Corp.
(CSE: LXX) (OTCQX:
LXRP) and
Medical Marijuana Inc. (OTC: MJNA).
The Struggle
One of the most significant issues facing recreational and
medical cannabis businesses is finding ready and willing financial
institutions to handle the enormous amounts of cash the industry
generates. U.S. federal banking institutions are hesitant to get
involved, since cannabis remains illegal under federal law.
Canadian banks are keeping an eye on the industry while waiting for
legalization to take hold in Canada later this year. Even those
institutions willing to serve the industry are having second
thoughts. Just last month, the Bank of Springfield in Illinois told
its cannabis clients it would close their accounts (http://cnw.fm/LyWP5). The decision to withdraw is tied
to the January reversal of a policy from President Barack Obama’s
administration that discouraged the prosecution of operators under
state marijuana laws.
“The bank’s stance is that protecting their customers is
paramount,” said Andrew Mack, a spokesman for the bank. “The Bank
of Springfield will not jeopardize any of their customers by
working with businesses that operate in the legal gray zone.”
Alternative Fintech Options
Global
Payout, Inc. (GOHE) and its San Diego-based partner,
MoneyTrac Technology (“MTRAC”), offer alternative fintech banking
solutions to high-risk industries in the United States, Canada and
Mexico. Through customized payment solutions, companies can process
and manage electronic payments worldwide. MTRAC recently launched
its new “Key to Cashless™” payment option powered by GreenBox
blockchain technology (http://cnw.fm/T8hkZ) by placing a demo kiosk in the
company’s corporate sales office.
Vanessa Luna, MTRAC CEO, said the company has worked on the
project for over a year and a half and is now accepting
applications from qualified merchants operating within a variety of
“alternative” and “high-cost” industries interested in the
system.
“We are extremely excited to be getting this payment platform
off the ground, and we plan to pay special attention to marketing
and recruiting local governments and municipalities to adopt the
technology as a means for both regulating legal cannabis sales and
tracking it for tax purposes,” Luna said. “The power of this
payment system cannot be overstated; it is a one-of-a-kind service
offering that no other company can match, offering cashless
transactions, inventory tracking, fully integrated point-of-sale
and one-click payroll capabilities and is very much the solution
the cannabis industry has been waiting for."
A Growing Marketplace
Grand View Research reports that the global medical cannabis
market is projected to reach a value of $55.8 billion by 2025
(http://cnw.fm/m0Zjp) while retail sales of
legal cannabis products in North America alone are expected to
fetch $24.5 billion by 2021, according to an article in
Fortune magazine. California’s medical marijuana market is
already as big as the total markets in Colorado, Washington and
Oregon combined, the article states (http://cnw.fm/hK3S7).
Ancillary businesses that support the cannabis industry are
growing fast, as well, said Mitchell Kulick, partner at Feuerstein
Kulick LLP, a cannabis law firm that provides legal services to
companies, funds, investors and lenders in the space.
“The reality is that, despite being illegal on a federal level,
medical and adult-use marijuana are by most measures real
industries that cannot be ignored and that have the same needs as
more mainstream business,” said Kulick (http://cnw.fm/MLcu6). “So, from payroll providers to
point-of-sale software to compliance companies, law firms,
accountants, and the list goes on, many businesses that are
ancillary to the industry are now part of this revolution.”
As part of that “revolution” the MTRAC Kiosk, powered by
GreenBox’s state-of-the-art closed loop blockchain technology, can
be placed in any business that wishes to conduct cashless
transactions. Customers either load currency onto an e-wallet or a
pre-paid debit card and then use the digital currency or pre-loaded
debit card to pay for purchases. Integrated Compliance Solutions
(“ICS”), a leader in the Know Your Customer procedures as well as
in legal compliance solutions for the cannabis industry, has
committed to serving as the compliance arm of MTRAC and its
GreenBox payment solution (http://cnw.fm/FOn5V).
“ICS has done an excellent job of making a name for themselves
in terms of offering highly effective and much needed compliance
for the cannabis industry,” Luna said. “We believe they have the
necessary technology, experience and connections to provide the
best compliance our network of clients can benefit from.”
Change of Heart
Former Republican speaker of the House John A. Boehner recently
switched sides in the battle to decriminalize cannabis. Once
“unalterably opposed” to rolling back federal regulations, Boehner
has now joined a board of directors for a cannabis company and is
voicing support for veterans to have legal access to medicinal
cannabis, the Washington Post reports (http://cnw.fm/Ge34b). His change of heart and mind
about cannabis is matched by many Americans who now overwhelmingly
voice support for legalizing medical cannabis.
Paying for a cannabis prescription, however, remains a challenge
since cash-in-hand is often the only method of payment available.
Representatives from MTRAC are already in talks with several
California municipalities to implement the company’s payment system
as the preferred method for licensed dispensaries in their
jurisdictions. MTRAC’s Kiosk offers one of the most effective
cashless alternatives to these businesses in a way that meets
compliance and regulatory requirements, the company said in a news
release (http://cnw.fm/9U2gQ).
On the Bandwagon
GOHE and MTRAC aren’t the only companies that have seen — and
responded — to a need in the cannabis industry. Other companies are
moving to the forefront as they provide services specifically
geared for this blossoming market.
California-based Terra Tech Corporation (OTCQX:
TRTC) is a vertically integrated, cannabis-focused
agriculture company committed to providing the highest-quality
medical cannabis and other agriculture products. Terra Tech, which
just reported a 41 percent year-over-year revenue growth for 2017,
has established extensive cultivation capabilities and retail
outlets in California and Nevada.
“Cannabis analytics firm New Frontier projects Nevada's total
cannabis market to be $622 million by 2020 and we are excited by
the opportunity to participate in its growth," Terra Tech CEO Derek
Peterson said in a news release (http://cnw.fm/ExV4Q).
GB Sciences Inc. (OTCQB: GBLX) is a diverse
cannabis company focused on standardized cultivation and production
methods as well as biopharmaceutical research and development. The
company’s goal is creating safe, standardized, pharmaceutical-grade
cannabinoid therapies that target a variety of medical conditions,
including Parkinson’s disease and neuropathy. GB Sciences recently
received its license for cannabis oil production, which will soon
begin at a Las Vegas facility, and expects retail sales revenues of
its products to roll in during the second quarter of 2018, the
company stated in a news release (http://cnw.fm/J4wCj).
Lexaria Bioscience Corp. (CSE: LXX) (OTCQX:
LXRP) has developed and out-licenses its proprietary
DehydraTECH™ technology for improved taste,
rapidity and delivery of bioactive compounds including
cannabinoids. The company’s disruptive technology is proven to
enhance the absorption of orally ingested cannabinoids while
improving the taste, which allows for lower overall dosing with
higher efficacy. Most recently, Lexaria received a new U.S. Patent
Allowance for enhanced cannabinoid delivery using its DehydraTECH
technology (http://cnw.fm/8vnXq). Lexaria currently has 15 patent
applications filed in the United States and over 30 pending in more
than 40 countries, plus two patents granted for cannabinoid
delivery in the United States and one granted in Australia.
Medical Marijuana, Inc. (OTC: MJNA),
headquartered in California, is a cannabis and industrial hemp
company whose subsidiaries and investment holdings are involved in
the development, sale and distribution of hemp oil and other
products containing CBD-rich hemp oil. The company’s products are
formulated for the pharmaceutical, nutraceutical and cosmeceutical
industries, including dietary supplements. The company also sells
its products in several countries that have legalized its products
for the treatment of various illnesses and conditions. Medical
Marijuana subsidiary HempMeds® announced at the Pittsburgh World
Medical Cannabis Conference & Expo (http://cnw.fm/O3WBc) that it has released a new
roll-on, topical hemp product specifically targeting athletes and
active adults.
Look Out, It’s 2018
California’s conversion to statewide recreational cannabis is
already experiencing some missteps and growing pains. Canada’s move
to become the first Group of Seven nation to legalize adult-use
marijuana is dominating international discussions while cannabis
entrepreneurs scramble to capitalize on its legalization. Alcohol
companies see opportunity amid the chaos, with some investing in
cannabis firms or planning to introduce their own cannabis-infused
products. Several companies serving the cannabis industry are
looking at creating ways to avoid cash transactions through
blockchain technology’s promise of a tamper-proof form of digital
bookkeeping through a distributed, encrypted ledger. The cannabis
industry’s growth presents challenges and opportunities on a
variety of interesting and potentially very lucrative levels.
For more information on Global Payout, Inc., visit Global Payout,
Inc. (GOHE).
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