FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Merchants Choose MTrac: Processing Reaches Tens of Millions of Dollars in Volume.”
Global Payout Inc. (OTC: GOHE) and its wholly owned subsidiary MTrac Tech Corporation (“MTrac”) are pleased to announce that as the Company enters the last month of the third quarter of 2019 it has reached a point where it is effectively processing tens of millions of dollars in daily transaction volume across its growing base of clients in the multibillion-dollar cannabis industry.
MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Global Payout, Inc. MTrac 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. We are one network disrupting the status quo. It is MTrac’s creative vision through the use of its innovative technology solution to become the premier service provider offering the “Key to Cashless®.”
Cannabis legalization efforts are rapidly accelerating, yet under federal regulations, the plant is still classified as an illegal substance. Currently, more than half the U.S. has legalized cannabis for either medical or recreational use. The classification of plant puts the cannabis industry in a difficult position. For instance, many banks explicitly mention they will not provide financial services such as loans or opening an account for a cannabis-related business. Shannon Hatton, Co-Founder and Chief Executive Officer of Fiddler’s Greens, a California-based tincture maker, said she experienced numerous issues with starting up her business because bank loans were not an option. If Hatton were to mention cannabis when applying for a loan, she could potentially run the risk of having her checking account closed, according to Leafly. Henceforth, creating a cannabis business is not a simple task and requires a large sum of money. For example, opening a legal adult-use business can cost anywhere from USD 2 Million to USD 5 Million. Additionally, businesses can also wait up to two years before they are approved for a license to operate. And for anyone attempting to start a business, the metrics could be very intimidating. As a result, entrepreneurs have seized the opportunity and created their own institutions to serve the cannabis industry. According to Mordor Intelligence, the cannabis market is expected to reach USD 89.1 Billion from USD 14.5 Billion in 2018. Additionally, the market is expected to register a CAGR of 37% during the forecast period from 2019 to 2024.
Cannabis advocates and politicians have voiced their concerns over the restrictions imposed between the cannabis industry and banks. Many lawmakers have noted that the absence of a Congressional legislation is severely limiting the expansion of the cannabis industry. Moreover, many businesses are forced to hire security services in order to transport and guard physical cash piles. However, innovative technology companies have introduced digital payment platforms that have reshaped the cannabis industry. Digital payments have become a standard form of payment processing in any business that interacts with customers. The integration of digital payment processors speeds up the transaction process and increases customer satisfaction. In return, businesses can manage their monetary funds digitally. While it is a step forward, many activists are still aggressively pushing a reform to ease restrictions on the cannabis industry. In July, U.S. lawmakers attended a Senate hearing to discuss law reforms regarding cannabis. Witnesses testified on the financial challenges that cannabis-based businesses face due to legal concerns. Senator Cory Gardner, R-Colorado, called the hearing an important step forward that the government needs to address. “In short, the states are leading on this issue, and the federal government has failed to respond,” said Gardner, who is co-sponsor of legislation to reform cannabis banking laws. “It has closed its eyes and plugged its ears and pretended the issue will go away. It won’t.”
For more information, please visit: Global Payout Inc.
For more corporate news on Global Payout Inc., check out the Buzz on the Street
About Buzz on the Street: One of FinancialBuzz.com’s latest corporate and financial news shows, covering the latest trending stock market news. Buzz on the Street looks to become a leader in corporate video news dissemination. Buzz on the Street is 100% original content, brought to you by Financial Buzz Media.