Cannabis Nevada News: From Payment Tech Solutions to Retail.
Read the full article on Investorideas.com looking at recent Nevada Cannabis news and developments
A recent news report discussing the potential of the Nevada market versus the California market mentioned, "a more intriguing metric offered in State of the Legal Cannabis Markets -- spending per capita -- suggesting that another state could blow California out of the water in terms of attractiveness to businesses and investors: Nevada."
The article continued, "Between 2018 and 2024, Arcview and BDS are forecasting that Nevada's population will increase by about 10% to 3.4 million. Yet, with the Silver State opening its doors to recreational marijuana sales in July 2017, total legal spending is expected to surge from $567 million in 2018 to $1.41 billion by 2024. On a per-capita basis, this works out to $415.57 in spending. That's more than double California ($172.08), and is higher than every other state in the country. It's no secret that Nevada's exceptionally high spending per capita forecast stems from the state's strong tourism. Las Vegas is a core attraction for Americans and visitors from all over the world, which should allow cannabis companies to focus their attention on Sin City to drive sales and margins. Plus, Nevadans are faced with a combined 25% tax rate, including a 15% tax on wholesale sales, and 10% on retail sales. That's significantly less than neighboring California, which should help reduce illicit production."
Global Payout Inc. (OTC: GOHE), through its Nevada based subsidiary MTrac Tech Corporation, providing electronic wallet and e-banking financial solutions for the marijuana industry, recently announced that the company has retained one of the nation's leading government affairs organizations, Strategies 360, to further the platform's legislative push to be recognized as the most innovative and seamless SaaS (Software as a Service) solution to facilitate cashless, compliant, and secure payments for the legalized cannabis industry.
Headquartered in Seattle, WA, S360 represents a broad range of sectors with an expanding footprint in 12 western states and DC. The S360 team is comprised of some of the brightest, forward-thinking former executives from various industries, such as technology, finance and energy, in addition to former state public office holders.
One of the primary goals of the MTrac platform has been to assist governments in their efforts to both regulate the cannabis industry and solve the issues associated with cash heavy transactions and a lack of available banking resources. Some states have recently been exploring closed-loop systems to implement statewide regulatory oversight of legal cannabis operations. For example, the state of Arizona has opened a "Fintech" sandbox, allowing various closed-loop systems into the Arizona market on a limited basis to see how well they operate. Nevada will very shortly, be opening a Request for Proposal to find a closed-loop, blockchain platform that will allow their cannabis industry to accept digital payments. It is the opinion of management that the MTrac system is the most seamless version of this payment platform available and offers the added benefit of having a large and growing customer base to provide proof of concept, similar to the recent state-wide launch in Louisiana.
"The agreement with S360 could not have been timelier in terms of presenting our solution to the western region, to showcase the features and functionality of the platform's closed-loop eWallet accounts for the states' lawmakers." said Mr. Jason LeBlanc, Chief Compliance Officer of MTrac. "We are extremely excited to be working with such a dynamic and results-driven government affairs team. The opportunity to present our platform at the highest levels of state regulators and legislators is an objective that our legal and compliance teams have been working toward for the last several months, and the partnership with S360 is now making this opportunity a reality."
MTrac Tech Corporation, a Nevada Corporation, is a 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[R]."
As the Nevada market expands in population and as more cannabis related infrastructure develops we can expect it to become a rival, if not overbearing market in comparison to the already massive California market. State tax and regulation changes could also play an important role moving forward as federal legalization remains out of reach in the US.
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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|Publication:||Financial News Releases|
|Date:||Aug 26, 2019|
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