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Rapidly growing cannabis market has massive impact on multiple industry sectors
Written By: Jen Neville
February 8, 2018
As the cannabis industry continues to grow rapidly, its overall impact on other industry sectors is also dramatically increasing. There are 11 different sectors currently directly associated with the cannabis industry or play a supporting role, according to the Marijuana Index. While quite a few prominent companies focus on the cultivation, biotechnological product development and marketing of cannabis and hemp products, others engage in the support side of the industry. One great example is Global Payout, Inc., which provides payment solutions to optimize global financial transactions. The company’s cannabis endeavors are undertaken by its MoneyTrac subsidiary, which offers solutions designed to overcome payment logistical problems and security threats in the cannabis industry.
With more companies expanding their reach into global markets, it is increasingly important to have access to payment solutions that suit the needs of customers globally. The role of traditional banks is shrinking, driven by the demand for improved and innovative financial solutions. Global Payout, Inc. is focused on entrenching itself in financial technology and providing payment solutions for any type of company that distributes money globally. Their web-based platform is a configurable solution that claims to satisfy the front-to-back office processing requirements of domestic, foreign exchange and international payment service providers and would also improve workflow, operational efficiencies and financial management for businesses operating worldwide, and can be customized for companies in a wide range of business sectors.
The breadth of Global Payout’s FINTECH solutions has now rippled into the cannabis industry through the company’s MoneyTrac Technology, Inc. subsidiary, introduced in 2015 to provide alternative and high-risk enterprises with solutions to manage everything from pin debit and virtual currency to compliance and cash flow logistics. They provide a solution to overcome payment logistical problems and security threats that plague the cannabis industry. These problems have arisen because marijuana is still classified as an illegal substance at U.S. federal level although legal across most states, which means that cannabis suppliers do not have access to traditional banking options. In August 2017, the company announced that it would incorporate bitcoin as a payment method to overcome these problems for customers of retail and wholesale cannabis outlets.
Global Payout continues to increase MTRAC’s market reach, most recently announcing a collaboration with SinglePoint, Inc., a leading provider of full service mobile technology and mobile payment solutions to multiple industries, including the legal cannabis market, with the purpose of maximizing Global Payout’s existing suite of financial solutions, including those offered by MTRAC. Through this joint venture, the company seeks to boost its existing payment and financial technology platforms.
Global Payout stated that SinglePoint’s knowledge and expertise in mobile payments and other mobile technology offerings is something they believe could be a significant addition to the financial payment platforms they have developed, and are still developing, for their clients. They are also eager to use the agreement as an opportunity to examine how a partnership with SinglePoint can be leveraged to enhance the payment and financial solutions offered by MoneyTrac Technology, their majority-owned subsidiary is focused on offering in the rapidly expanding multibillion-dollar cannabis industry.