Bitcoin and other cryptocurrencies have changed consumer’s relationships to banking and money. In an interesting twist, the cannabis industry, which faces serious banking issues, is leaving its mark on the financial sector. Countries like the United States with banking restrictions and in some cases prohibitions for cannabis transactions have made it difficult for these very businesses to handle money seriously.
Most marijuana stocks have to resort to cash only transactions which present challenges for businesses and consumers. While some may view these challenge as a barrier to entry to the cannabis stock market, others have converted those challenges to produce innovative solutions for high-risk businesses like cannabis.
According to Cannabis Newswire companies are responding to this problem and “saving vendors from the need to operate exclusively on cash.” These solutions have changed how pot stocks handle their finances while impacting the financial community as a whole.
Cannabis Newswire reports that “[f]inancial services are undergoing a period of change as high-risk businesses, often excluded from conventional banking systems, search for alternative ways to process payments.” Check out these four companies who are redefining the way the cannabis industry banks.
SinglePoint Inc. (OTCQB:SING), is a “technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration.” The Arizona based company has been “aggressively seeking opportunities in the cannabis market” since 2014 according to the company’s website. They recently announced that they “integrated a stand-alone point-of-sale terminal designed to give merchants the ability to accept Bitcoin as a payment option." Customers can now "use their credit or debit card at the counter instead of through a web-based app” as announced by the company. The integration is designed to “make the cannabis purchase experience no different than using a credit card at any other store” which has been a challenge for the industry.
MassRoots Inc. (OTCQB:MSRT) is known for “providing a service to help customers judge the efficacy of cannabis strains and products, thereby demonstrating its ability to provide technological solutions to the needs of the sector” according to Cannabis Newswire. In December 2017 the company announced they were launching MassRoots Blockchain Technologies, Inc. “to explore how blockchain technology can be implemented in the cannabis industry.” Blockchain technology has been “at the core of cutting-edge payment solutions for high-risk industries,” and this new venture will allow MassRoots to “provide financial services for cannabis suppliers and their consumers” per Cannabis Newswire.
Glance Technologies Inc.
Glance Technologies Inc. (OTCQB:GLNNF) is another company that uses blockchain as a payment solution for the cannabis industry. The Vancouver based company is offering “another alternative approach to payment through its smartphone-based payment system” as reported by Cannabis Newswire. The company is already making its mark in other industries with a system called Glance Pay. According to the company’s website, “Glance Pay Mobile Payment App boasts state of the art capabilities and has been engineered with security and ease of usage in mind. Its accounting features are designed for easy record keeping for both restaurants and users.” It looks like Glance will be applying its knowledge in the cannabis space. Cannabis Newswire reports that Glance Technologies “recently invested in Loop Cannabis Insights Inc., providing it with more insight into the high-risk businesses that could benefit from its product.”
Global Payout Inc.
Global Payout Inc., (OTC:GOHE) is "a processor of payments for corporate clients and their customers, members, employees, contractors, agents, and suppliers worldwide and has access to processing and payment delivery platforms and networks” according to Cannabis Newswire. The San Diego based company is the majority owner of MoneyTrac Technologies, a company that aims to “revolutionize payment processes for businesses operating across a wide array of ‘high-cost’ and ‘alternative’ industries where traditional banking and payment processing services are difficult, or nearly impossible to acquire” according to the company’s site.
The company is taking on the cannabis industry.
In a statement released last week, Global Payout announced that they were present at two San Diego cannabis events, Bayked and EarthFair. According to the company they “leveraged their exposure at the events to introduce and educate merchants and other business owners on the Company’s MTRAC blockchain technology-supported payment solution, which they are currently in the midst of preparing for official market launch and rollout within the cannabis industry.”