CannabisNewsWire
Editorial Coverage: Impending legislation in Canada is the most
recent step in the spread of legal cannabis consumption. As the
industry grows, so do the support businesses supplying related
services for retailers and consumers. Global Payout, Inc.
(GOHE) (GOHE
profile) is providing payment systems
and business support through its MoneyTrac partnership.
MassRoots Retail (OTC: MSRT) is using blockchain
to provide a review aggregator and dispensary finder. GB
Sciences, Inc. (OTCQB: GBLX) is working in research and
design, focusing its efforts on growing more effective strains and
exploring better delivery systems. Lexaria Bioscience
Corporation (CSE: LXX) (OTCQX: LXRP) is also improving
delivery systems through research aimed at improving the
effectiveness of orally consumed cannabinoids. And for the
cannabis-focused consumer, General Cannabis Corporation
(OTCQB: CANN) has set up Chiefton Supply Co, a clothing
brand catering to the growing cannabis culture.
Across the board, the cannabis industry is becoming a more
diverse and interesting place.
The Broader Potential of Recreational
Cannabis
After many months of political maneuvering, this summer will see
the legalization of cannabis for recreational use in Canada. It’s a
huge step, even in a country where medical cannabis is already
widely available. The expanded Canadian cannabis market is expected
to be worth between $10 and $20 billion with many companies
preparing to take a chunk of the supply and retail business.
That vast market won’t just consist of cannabis growers and
retailers. Many other businesses are looking for entry points into
the cannabis industry, whether it’s through payment solutions,
accessories, technology, or any of the other products and services
that businesses and consumers will be looking for. Businesses who
get in now won’t just profit from what’s going on in Canada. Dozens
of states and the District of Columbia currently have laws broadly
legalizing marijuana in some form, and legalization is spreading.
The global medical cannabis market alone is expected to reach $55.8
billion by 2025 (http://cnw.fm/2EjPt), so there is a potential for
tremendous growth for early cannabis support businesses.
Secure, Straightforward System
Any retail business needs a secure, straightforward system for
taking payments. That system needs to be adapted to their
particular needs, whether it’s portability for market stalls or
strict security for high price transactions. Global Payout,
Inc. (GOHE) is providing payment solutions adapted to the
special needs of the cannabis market.
The outlet for this project is MoneyTrac Technology, a Global
Payout partner. In collaboration with Greenbox, another partner
company, MoneyTrac has launched a payment system specifically
geared towards the cannabis market, which will make payments easier
and more secure.
The need for such a solution stems from the legal status of
cannabis in the United States, currently one of the largest legal
cannabis markets. Though cannabis is legal for recreational use in
six states and for medical use in over twenty more, it is still
covered by antidrug legislation at the federal level. U.S. banks
are wary of providing payment services to any cannabis company,
even a legally recognized one, in case they come under scrutiny for
providing finances to support illegal endeavours.
This situation has created unnecessary risks for cannabis
merchants because they have had to work on a cash basis, which can
create inefficiencies and increase the risk of theft or fraud. Any
group that can offer a way out of this trap could draw business
from across the states because cannabis vendors know that a better
payment system will more than pay for itself.
The Cutting Edge of Technology
A technology and business development company whose motto is
“Key to Cashless™,” MoneyTrac is providing a payment solution for
cannabis and other high-risk business areas. MoneyTrac is achieving
this by using one of the hottest new technologies of the past few
years — blockchain computing.
Blockchain is a distributed ledger system in which electronic
records are kept over an open network of participants rather than
centralized in a single place. Its most famous use is as the
foundational technology behind bitcoin and other cryptocurrencies.
But it can also be used for other purposes, including supply chain
management and smart contracts that automatically deliver their
payments on completion.
Through cryptocurrencies, blockchain has allowed payments to
take place outside of the conventional banking system. The creators
of the technology intended this to remove the stranglehold of banks
and governments on personal finance, thereby improving the
efficiency and freedom of financial networks. For the cannabis
industry, it means a way of making electronic payments without
banks being involved, thus escaping cash-based transactions.
In early April 2018, MoneyTrac launched its blockchain payment
system, MTRAC. It provides a payment system in which customers put
their money in at one end and retailers are able to extract it at
the other end. Customers simply charge up a digital wallet at an
MTRAC kiosk or load it from their linked bank account or credit
card, then use the money to pay for goods at any vendor using the
scheme. In fact, the app can be used to generate a digital Visa or
MasterCard gift card that can be used at any retailer that accepts
those forms of payment. Banks don’t even need to be involved in the
cannabis-buying process.
MoneyTrac’s system provides greater security for cannabis
businesses and customers. It can also be used to increase business
efficiency through the addition of inventory management, payment
processing, and seed-to-sale tracking. For customers, it provides a
secure, simple way to pay. For merchants, it is a complete way of
tracking the flow of goods and money, increasing efficiency through
clear, secure, integrated record keeping.
Wide Support Services
In developing an integrated payment solution, MoneyTrac has
gained deep insight into the cannabis industry and how it works. It
has also developed a team of employees and a network of contacts
that allow it to provide wider support services.
The services MoneyTrac offers to clients include business
development, sales and marketing, and guidance on compliance. With
so many regulations in place around both cannabis and finance, it’s
important for those running a cannabis business to understand and
strictly adhere to the rules governing them. MoneyTrac can help in
this complex area.
These extra services aren’t just a way to make additional
income. They help ensure the long-term viability of the MTRAC
payment system. If the companies using the systems are well
supported, they are more likely to come out on top of the growing
cannabis market, making MoneyTrac’s payment solution a crucial part
of the industry.
Backed up by the extensive finance and payment experience of the
Global Payout team, MoneyTrac offers a secure, efficient payment
system for the cannabis sector. By adding other software and
services, it is carving out a niche as an important support system
in this growing industry.
A Complete Economic Ecosystem
Like so many sectors, cannabis is developing a broader economic
ecosystem. A range of companies are stepping up to provide
additional products and services related to cannabis.
Like Global Payout, MassRoots Retail (OTC:
MSRT) is exploring the potential of blockchain. The
company uses blockchain technology to power features in its
business portal. The company provides a central hub for reviews of
cannabis products and strains, as well as a dispensary finder.
These are available through a phone app, making it easier for
customers to find the right product and dispensary for them.
MassRoots recently revamped the system to introduce new features
and incentivize reviews.
Research and development are among the most important support
services for the cannabis market. Legalization is making it easier
for research to be carried out and the effects of cannabis to be
understood. GB Sciences, Inc. (OTCQB: GBLX) works
on this side of the market, developing refined cannabis strains
that provide a better proportion of active ingredients. It is
working with the University of Seville to bring a new time-released
cannabinoid formulation to market. As the market grows, so will
research into strains, delivery systems and new medical uses,
providing more business for companies such as GB Sciences.
Lexaria Bioscience Corporation (CSE: LXX) (OTCQX:
LXRP) is another of the companies focused on cannabis
research. Its particular focus is on improving the effectiveness
and flavor of orally consumed cannabinoids, for which work it has a
partnership with the Canadian government’s National Research
Council. Oral consumption has great potential to deliver the
medical benefits of cannabis without the harmful effects of
smoking, and so could be important in unleashing cannabis’s medical
potential. With Lexaria’s out-licensing business model, this
beneficial technology could be used by many companies, while
boosting Lexaria’s research and profits.
General Cannabis Corporation (OTCQB: CANN) is
providing a different sort of subsidiary business through Chiefton
Supply Co. clothing brand. As cannabis culture spreads and becomes
above board, the company is providing distinct, stylish clothes to
go with a cannabis-influenced lifestyle. A recently announced
distribution deal (http://cnw.fm/LcFR9) with national retailer Tilly’s
will see the company reach a wide market.
As cannabis becomes more accessible, companies are finding a
wide range of ways to profit from subsidiary services. From
T-shirts to payment processing, services for this sector offer
incredible potential for business growth and development.
For more information on Global Payout, Inc., please visit
Global Payout,
Inc. (GOHE).
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