Disruptive #Cannabis #Payment
#Tech Solutions-(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.
Read this in full at https://www.investorideas.com/news/2019/cannabis/09101PaymentSolutions.asp
In recent news, Arizona began
looking to FinTech and stablecoin to help solve the payments problem faced by
the cannabis industry. According to a recent announcement from the State’s Attorney
General, digital token startup ALTA “has been approved to enter Arizona’s FinTech Sandbox,” making it the seventh participant in the
innovative program.
“ALTA is a private
financial services ‘club’ using money transmission services and digital asset
technology aimed at providing a cash management solution for licensed medical
marijuana providers and vendors. ALTA uses digital tokens to allow members to
safely transfer cash. ALTA allows those tokens to be redeemed for cash and the
value of the token never fluctuates,” the announcement said.
As one recent analysis put it, “Cryptocurrency
accounts and transactions are anonymous, an additional benefit to customers who
don’t want their marijuana purchases known.” Not only that, but “digital assets
provide for the immediate settlement of funds, or when combined with blockchain
technology provides for nearly instantaneous validation of all transactions, as
opposed to waiting hours or days for a credit card payment to post.”
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.”
The Company said it anticipates
releasing additional updates as it relates to this ongoing audit and as it gets
closer to filing its Form-10.
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.”
Continued: “Lightspeed® allows
you to integrate to iPad POS Systems, mobile credit card readers and computer
desktops. Bring your CBD shop into the 21st century and provide the comfort and
convenience customers have come to expect.”
In
other recent news, some retailers have
found innovative new approaches to dealing with these payment problems. In one
example, credit card statements will show that a purchase was made at the
“Midgrun Eats LLC Food Truck, not at the Blüm Marijuana Dispensary,” the Reno Gazette-Journal reports.
“It’s not even a back
door, it’s more like an upper window,” Jeremy Skaff of Colorado-based Journey
Business Solutions told the newspaper. Skaff is a marijuana business financial
advisor.
The label allows Blüm
to take credit cards in an industry that is typically cash-only. “The more
options that you give people to pay, the more business you’re going to get. No
one carries cash anymore,” Skaff told the news outlet. No other dispensaries in
Nevada’s Washoe County take credit cards except the six Blüm shops.
Size also matters in
this young industry, as according to one recent report, Planet 13 Holding’s
13,000-square-foot legal retail dispensary in Vegas includes a “pizzeria and
coffee house to attract customers who don’t partake in the now-legal herb.” Not
only that, but “it offers an Apple Store-like atmosphere, with sleek modern
decor, digital projections and motion-sensor displays, and friendly associates
toting iPads.”
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.
"Cannabition's
multi-level immersive cannabis art museum fits perfectly with the SuperStore
mission to create an interactive and differentiated cannabis-based
experience," said Larry Scheffler Co-CEO of Planet 13. "The
SuperStore's addition of a Café, Pizzeria, event center, customer facing
production facility and now Cannabition, will continue to cement the
SuperStore's reputation as a one-of-a-kind shopping and entertainment
destination in Las Vegas; creating an experience that no dispensary in the
world can replicate."
J.J. Walker, Founder
of Cannabition added, "The SuperStore, which already hosts over 3,000
cannabis enthusiasts per day, is the perfect location to bring Cannabition to a
huge new audience and to be a part of the premier cannabis destination in the
world. Our interactive cannabis-themed art museum has been featured on CNN,
Conan O'Brian, and CNBC and I know Planet 13 visitors will love our immersive
exhibits, innovative event space and curated retail store."
The lease is for a
five-year term, with an option to extend for an additional three years. As of
the date of this press release, the anticipated size of the Cannabition
premises is 7,000 square feet. Although
the final opening date remains subject to obtaining regulatory approvals in
Nevada, the parties anticipate that the facility will open in Q2 of 2020.
The cannabis cash and payment problem is not only limited
to the US, as a similar problem exists in Canada, where
pot is legal across the entire country, but where the reluctance of US-based
financial institutions and payment service providers is also felt.
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.
The Company’s Phase 1 retrofit of its flagship Delta
Greenhouse Complex is comprised of approximately 431,000 square feet of
cultivation/processing expanse, including over 130,000 square feet of net
flower canopy and is estimated to produce 15,000,000 million grams of premium
cannabis annually. With the completion of PSC's Phase 1 retrofit, the Company's
current annual projected output of dried flower is approximately 160,000 kg
including 2020 forecasted production at its purpose built AAA Heidelberg craft
cannabis cultivation facility. In addition, AgraFlora anticipates the
successful recapture of over 1,000,000 grams of premium cannabis trim to be
manufactured into ancillary value-added cannabis products on an annualized
basis.
AgraFlora worked with experienced security and licensing
consultants at 3|Sixty Secure to obtain consulting services and produce the
attestation package for the license application. 3|Sixty’s consultants are
industry experts who have worked directly with more than 60 per cent of
Canadian LPs and ensure their clients’ attestation packages meet the highest
standards possible.
Brandon Boddy, Chairman and Chief Executive Officer of
AgraFlora stated, “The successful submission of our Evidence Package to Health
Canada is a momentous milestone in AgraFlora’s evolution towards the
cultivation of premium, genetically characterized cannabis under 2.2 million
square feet of glass at our world-class Delta Greenhouse Complex. Based on the
most recent timelines from Health Canada, AgraFlora anticipates the award of a
standard cultivation license within six to eight weeks.”
AgraFlora projects that Phase 1 of the Delta Greenhouse
Complex retrofit will be completed on or before October 31st, 2019
and upon receipt of a standard cultivation license, in accordance with the
Cannabis Act and Regulations, expects to immediately import a portfolio of
high-end cultivars under a declaration from Health Canada. As a result of
extensive deliberations with PSC and its industry consultants, the Company's
internal forecasts indicate that the inaugural harvest at its Delta Greenhouse
Complex will occur within the first quarter of 2020.
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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