How the cannabis industry is driving payment and data tech solutions

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Investorideas.com, a leading investor news resource covering tech and cannabis stocks, releases a snapshot looking at how payment technology and data solutions have evolved due to the regulatory hurdles facing the cannabis industry.

PaymentsJournal discussed the “cannabis payments conundrum” and how as the cannabis industry matures we are beginning to see an evolution in payment and data tech companies.

From the article: “The next few years will be hugely important in bringing more validity to the cannabis industry as it continues to expand into new legalized markets. Tapping into the compliant payments solutions will ensure that cannabis dispensaries and retailers will operate above reproach, something their customers/patients, employees, banking partners, and state regulators will appreciate.”

Global Payout Inc. (OTC: GOHE) and its operating subsidiary, MTrac Tech Corp. just announced that Carol Gabel, a member of the Company’s government relations team at MGR2 has been invited to speak at the New Jersey Cannabis Insider event on April 3rd.

The timing is critical, as next week New Jersey lawmakers are expected to vote on legalization. Gabel will discuss the pending changes in the cannabis payments sector and the company’s flagship product, the MTrac payment platform.

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The event brings together many of the key players from throughout the cannabis industry in New Jersey and surrounding tri-state area to provide networking opportunities for both new and established businesses in this rapidly expanding industry.

“Over the course of my career I have had the distinguished opportunity to participate in the legislative process,” said Ms. Gabel. “With this experience I have gained a deep understanding of the legal challenges facing the cannabis industry and have harnessed that experience to help businesses succeed. One of the most challenging aspects of working in the cannabis industry is access to reliable banking and merchant processing services, and I believe MTrac does a lot to solve those problems. MTrac's payment platform helps both businesses and regulatory bodies by providing a secure tracking method for tracing purchases and solves the problems of cash only operations as well.”

The focus of the conference is to help attendees come away with an in-depth understanding of where the law stands, where the law is headed, and how to remain compliant in a complicated regulatory environment. Ms. Gabel intends to utilize this platform to discuss and highlight MTrac’s unique blockchain-powered cashless payment solution, and how states with legal recreational cannabis are leveraging the technology to increase safety and compliance across the board.

BLOCKSTRAIN TECHNOLOGY CORP. (TSXV: DNAX) (OTC: BKKSF) recently announced that it has entered into a letter of intent with Spark Digital Technologies Inc., whereby the Company will acquire all of the issued and outstanding securities of Spark and the business of Spark.

Spark is the owner of its proprietary platform, IgnitePro™, which was built exclusively for the cannabis industry.

The IgnitePro™ technology is connected globally and will be able to travel with cannabis plants and products as they move from cultivation to distribution. IgnitePro™ will produce reports, store documentation and track transports, and when combined with Blockstrain, is expected to ensure regulation and compliance standards are being met and protected on the blockchain.

Medical Cannabis Payment Solutions Inc. (OTC: REFG), another leading provider of regulatory-compliant financial services for state-sanctioned marijuana, announced back in September the launch of their nationwide banking solution for state-sanctioned cannabis (PayWithGo) and recently provided an update on its activities in 2018 and its 2019 strategic direction.

Jeremy Roberts, Company CEO, commented, “Our corporate mantra has always been compliance, security and accessibility. And we're currently hitting on each of those principles. With the commercialization of Go!, which represents our single most important milestone to-date, we are on the cusp of an entire new era of growth and expansion as cannabis as well as other industries begin to adopt our payment solution.”

Canopy Rivers Inc. (TSXV: RIV) has also been keeping a close eye on the rise in cannabis tech having announced earlier in the year that it has completed an equity investment in Headset, Inc., a data and analytics service provider for the cannabis industry. Canopy Rivers subscribed for C$4,084,500 of Series A Preferred Shares in Headset, representing the Company’s first entry into a technology-focused cannabis vertical.

The US House Financial Services Committee is expected to vote on the SAFE Act in the coming weeks, which would permit commercial banks to offer services to cannabis companies that are in compliance with state law. With these developments, the cannabis landscape could change overnight and switch from a cash-based grey system to a transparent economic powerhouse. This will be good news for the many payment and data companies that have already postured to accommodate the cannabis space, and could also represent a massive missed opportunity for the regulated banking sector.

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