Point Roberts, Washington and Delta, British Columbia--(Newsfile Corp. - 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 the full article on Investorideas.com
https://www.investorideas.com/News/2019/cannabis/09100PaymentSolutions.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 Pink: 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.
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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