CannabisNewsWire
Editorial Coverage: As legalization spreads, the cannabis
industry is achieving a new level of maturity, with a wide range of
products and support services. Global Payout, Inc. (OTC:
GOHE) (GOHE
Profile) is providing payment and
consulting services for cannabis companies facing the unique
challenges of their sector. Terra Tech Corp. (OTC:
TRTC) has developed sustainable farming methods that lead
to better yields and lower costs. Surna, Inc. (OTCQB:
SRNA) specializes in providing components for growing
facilities and advice on how to set them up. Meanwhile,
Medical Marijuana, Inc. (OTC: MJNA) and GB
Sciences, Inc. (OTCQB: GBLX) are both deploying new
techniques to create innovative products for an ever more diverse
market.
A Maturing Industry
The legal cannabis industry continues to be one of the fastest
growing areas of North America’s economy. The legalization of
medical cannabis in Canada and many American states has fostered a
thriving medical cannabis industry over the past decade, consisting
of everything from pharmaceutical companies to retail specialists.
With recreational use now legal in several states and coming to
Canada this summer, the industry is set to blossom further. Some
estimates state that the Canadian cannabis sector alone could be
worth over $20 billion within a few years.
With time and growth, the industry is maturing into something
complex and varied. Companies are researching and marketing new
goods, from vaporizing oils to soft drinks to community magazines.
Other companies are specializing in providing support services to
the industry. Whether it’s in finance, marketing, logistics or any
of the other services a business needs, cannabis companies face
their own unique challenges. A more mature sector is finding ways
to adapt these to its specialist needs.
Cash and Cannabis
Global Payout,
Inc. (OTC: GOHE) is helping to provide cannabis companies with
support in one of the most challenging areas — payment.
Access to financial services has always been difficult for
cannabis companies. Though the use and sale of the drug is legal in
many states, federal legislation remains the same as when cannabis
was targeted as part of the war on drugs. This created a fear of
prosecution for banks if they provided financial services to
cannabis companies.
From the start, cannabis merchants have found themselves working
in a cash economy. This has created inefficiencies and greater than
normal risks of fraud, theft and accounting errors. From 2013 to
2017, the Department of Justice’s Operation Chokepoint made this
even more difficult, as the government investigated banks that
dealt with high-risk sectors for fraud or money laundering.
As a result, cannabis companies have been left in need of
alternative payment methods. Global Payout and its partner,
MoneyTrac technology, are moving to provide that service.
Global Payout is a provider of financial services solutions with
experience in more mainstream industries. Its Global Reserve
Platform (GRP) provides an all-in-one system for companies to make
payments and money transfers in an international market. The system
connects all aspects of a business’s financial operations, from
FOREX to prepaid debit cards. Customizable to the needs of
different businesses, it provides a complete and flexible
end-to-end finance system.
Given the unique circumstances of the cannabis industry, simply
adopting this banking-in-a-box system wasn’t going to provide the
solution. Therefore, it’s a new product, created by a Global Payout
partner, that is allowing the company to apply its expertise to the
sector.
New Technology for a New Problem
Global Payout’s solution for the cannabis sector comes from its
former subsidiary, MoneyTrac Technology. A technology and business
development company whose motto is “Key to Cashless™,” MoneyTrac is
focused on providing alternative options for banking and electronic
finance.
In its quest to offer payment solutions to the cannabis
industry, MoneyTrac has turned to blockchain technology. Blockchain
is a distributed ledger system — a form of data keeping where
responsibility for the record is shared across a network rather
than kept in one place. It’s the technology behind cryptocurrencies
such as bitcoin. Through cryptocurrencies, blockchain has become
the leading way of transferring value outside of the mainstream
banking sector.
Blockchain payments offer cannabis companies several advantages.
Such systems can be accessed by any customer, regardless of whether
they themselves have a bank account. The money transfers happen
away from the banks, which are wary about involvement in cannabis.
Payments are nearly instantaneous, and because records are kept
over a distributed network, there are no controllers creating
bottlenecks or the risk of a single point of failure.
Launched in early April, MoneyTrac’s MTRAC payment system is
powered by GreenBox blockchain technology (http://cnw.fm/GVSh6) and provides a payment system
through which cannabis companies can take electronic payments,
distancing themselves from the risks and inefficiencies of working
with cash. Any customer can use a MoneyTrac kiosk to load up a card
or digital wallet, which they can then use to pay for goods and
services. Though currently focused on the cannabis market, this
option may benefit other companies in high-risk sectors or that
want to benefit from the potential of blockchain.
Support Services for a Growing Industry
In addition to financial solutions, MoneyTrac provides a range
of support services for cannabis businesses.
Many cannabis retailers are new businesses looking to expand
their scope and expertise. The MoneyTrac team have years of
knowledge and experience in business development, allowing them to
provide advice and support. They can guide clients through the
challenges that come with starting and running profitable
businesses.
Effective sales and marketing is a challenge for any business,
but it can be even more difficult when that business is in a
heavily regulated sector such as cannabis. MoneyTrac provides
expertise in this area.
Regulatory compliance is a specialist area of knowledge in its
own right. Working within the cannabis industry, MoneyTrac
professionals have deep knowledge of this area, developed through
strategic partnerships across the financial sector. The MoneyTrac
team is therefore able to help clients ensure that they meet the
legal requirements of their businesses.
Though such support services are already available for most
businesses, they all come with their own unique twists where
cannabis is concerned. It’s a sign of the growing maturity of the
sector — and of its need for specialist expertise — that it can
support a company supplying these services. And as the sector
grows, so will the businesses providing these vital services.
A Variety of Products and Services
The need for specialist cannabis products has led to the
emergence of a number of companies providing ancillary goods and
services, as well as specialist products from within cannabis
companies.
Terra Tech Corp. (OTC: TRTC) has been
developing superior, sustainable farming methods for cannabis. Its
moving table hydroponic system increases harvest yields by up to
30% and reduces operational costs by up to 50%. By developing and
supplying advanced horticultural equipment, the company is bringing
forward the techniques and technology of cannabis cultivation.
Thanks to its energy efficient systems and waste water recycling,
Terra Tech is ensuring that cannabis growing meets the green
credentials many customers look for. Together, these achievements
led to record revenues for the company in 2017 (http://cnw.fm/OtFT9).
Surna, Inc. (OTCQB: SRNA) also works to provide
better cannabis cultivation. The company manufactures components
for cultivation facilities, including climate control, lighting and
biosecurity. It also provides the support services needed to make
the most of these products. Surna specialists have engineering and
installation skills to help clients get their facilities smoothly
up and running. Company consultants review floor plans and facility
designs, as well as offer guidance on industry standards and best
practices. It’s the sort of vital, practical advice that may help
get growers off the ground.
The first publicly traded cannabis company in the United States,
Medical Marijuana, Inc. (OTC: MJNA) is a leader in
medical cannabis sales across the Americas. Selling to countries
including the United States, Mexico and Brazil, it is showing the
potential for international growth. The company’s expertise lies in
research as well as sales, with the development of proprietary
techniques (http://cnw.fm/4ueX9) to extra cannabinoid molecules.
These techniques are being used to develop a range of products,
including hemp-based protein shakes and pet products. Such
techniques and products are helping the cannabis industry reach new
markets and customers, increasing profits along the way.
GB Sciences, Inc. (OTCQB: GBLX) is also focused
on the medical potential of cannabis, while making the most of the
opportunities in newly legal recreational markets. The company has
developed some of the best cannabis strains in Nevada, identified
as such because of their active ingredients. GB Sciences has also
obtained an exclusive worldwide license to use a time-released
cannabinoid formulation from the University of Seville, bringing a
previously unused approach into the American market.
With companies developing new strains and techniques for using
cannabis, the cannabis industry has an increasingly diverse range
of products. This is supported by a growing range of support
services, with companies providing everything from payment
solutions to engineering advice, all geared toward cannabis. It’s a
reflection of how fast the industry has matured that all this is
happening even as the battle for legalization continues around the
world.
For more information on Global Payout, Inc., please visit:
Global Payout,
Inc. (GOHE).
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