Point Roberts WA, Delta BC -- September 18, 2019 -- InvestorsHub NewsWire -- via Investorideas.com, a leading investor news resource covering tech and cannabis stocks releases a snapshot reporting on some of the key technology developments impacting the cannabis sector and how companies are deploying “disruptive” technologies to ensure early mover advantage.
Since Federal legalization in Canada, and with new markets opening up every day in either the US or abroad the cannabis industry has become a magnet for game changing technology growth-whether looking at production, extraction, online sales platforms, blockchain technology, packaging and so on, the list is endless.
Looking at the payment sector, Global Payout Inc. (OTC: GOHE), through its wholly owned subsidiary MTrac Tech Corporation, has now 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.
As demonstrated in the Company’s recent Q2 disclosure detailing Company financials, MTrac’s growth trajectory has remained positive and has continued to gain significant traction throughout the year. This growth can be attributed to the successful strengthening of their foothold and market reach in what has become one of the most dynamic industries in today’s economy. This feat has been accomplished in part through MTrac’s success in securing several strategic service agreements with some of the largest companies in the industry today.
This follows on the heels of the launch of MTrac’s massive update to its blockchain powered payment platform, which includes the addition of new banking partners to provide a suite of enhancements to improve the merchant experience through added stability, reliability and system integrity.
Many companies have attempted to solve the cash problem in cannabis and they most certainly have all come to realize the complexities of navigating the financial and regulatory challenges in this constantly evolving industry. The Schedule 1 classification persists as the main deterrent to financial institutions providing its services to cannabis merchants.
“We continue to attract key banking partners with our compliant and seamless solution as an industry leader in this innovative financial technology space,” said Mr. Kevin Curtis, MTrac Chief Strategy Officer. “These strategic updates to the MTrac platform are being done in order to further stabilize the platform and to continue serving our clients in this next growth phase we are embarking upon. The MTrac 3.0 launch is the culmination of key partnerships, significant market share, and our team’s focus on compliance, service, and stability.”
“As these new bank networks are being injected, MTrac is also downsizing the equipment needed to process transactions on the merchant side, which will reduce hardware costs and deployment time to the merchant to enable faster adoption, onboarding, and an improved checkout process for the customer,” said David Flores, EVP. “These updates will also provide unlimited processing bandwidth and more secure transactions with EMV chip and pin debit features, which will allow for overall enhanced merchant and consumer experience.”
The company has recently signed a new account application with an anticipated 34 locations and has applications coming in weekly for the services offered through MTrac.
In addition to their expanding market reach, the Company is also fully engaged with key legislative partners in different states to help push for the adoption of their system as a means of providing merchants within these states with a viable and compliant payment processing alternative to cash as they remain focused on delivering “The Key to Cashless®” to as much of this diverse and expanding industry as possible.
Terra Tech Corp. (OTC: TRTC), has focused on integrating the best of the natural world with technology to create sustainable solutions for medical cannabis production, extraction and distribution, plant science research and development, food production and Closed Environment Agriculture (CEA).
Through its Blüm Santa Ana dispensary, Terra Tech has become a major supplier of medical and adult-use cannabis to Santa Ana and the surrounding cities, such as Irvine, Laguna Beach and Newport Beach. All of the aforementioned cities suffer from a scarcity of existing cannabis dispensaries. The launch of their premier delivery service has enabled the Company to expand distribution of its best-in-class cannabis products to reach an even greater number of patients and customers.
Terra Tech purchased multiple delivery vans and hired sales associates to deliver products within Orange County, CA, starting with a 20-mile radius out from the Company's Blüm Santa Ana store.
The company recently entered into an agreement to sell 100% of the assets of its Blüm Reno dispensary, located at 1085 S Virginia St Suite A, Reno, NV 89502, including the building where the dispensary is located, for a purchase price of $15,000,000.
Terra Tech’s Blüm Reno dispensary has been operational since January 2017 and provides cannabis products to the local medical and adult-use markets, including the Company’s proprietary IVXX™ brand of premium medical cannabis, flowers, shatters, waxes and oils among other high-quality cannabis products from a range of reputable providers of superior grade medical cannabis.
Derek Peterson, CEO of Terra Tech commented, ''Selling the cannabis retail license for our Blüm Reno dispensary is another key milestone in our restructuring plan, a strategy that has been implemented to leverage our balance sheet to fuel growth, as opposed to approaching the capital markets more often than is necessary. Our Blüm dispensary in Reno has substantially increased in value since its opening and selling its assets allows the Company to strategically monetize this asset. To move forward with our restructuring strategy, we plan to redeploy the additional capital generated by this sale toward more productive assets in California, in areas such as infrastructure and sales and marketing.”
One company that has been keeping pace with the advanced technology trends coming to the industry is Canopy Rivers Inc. (TSX: RIV.TO) (OTC: CNPOF), a venture capital firm specializing in cannabis. The company recently announced that its portfolio company, TerrAscend Corp. has entered into a distribution agreement with Syqe Medical, Ltd., an Israel-based pharma-tech company, to launch Syqe's flagship product, The Syqe™ Inhaler, in Canada.
The Syqe™ Inhaler is the world's first metered-dose medical cannabis inhaler and will provide Canadians with an alternative to dried flower medical cannabis. Metered dosing allows patients and healthcare providers to predictably, precisely and consistently deliver treatment at pharmaceutical standards. Syqe's technology is supported by completed controlled clinical trials, a milestone only a limited number of companies have achieved, with patients suffering from chronic pain. The Syqe treatment provides rapid pain relief while reducing psychoactive effects, allowing patients to resume normal daily activities. The technology was launched in the Israeli market in June 2019.
"We continue to be thrilled with the steps TerrAscend is taking to build an industry-leading business that spans retail, manufacturing, distribution, biotechnology, and now health tech," said Narbe Alexandrian, President and CEO of Canopy Rivers. "We believe that TerrAscend is uniquely positioned in the Canadian market to deliver on the consumer demand for innovative and rigorously tested products like the Syqe device."
Canopy Rivers is not only looking at production and consumption technology but also data analytics which is becoming more essential to the industry. One of their investments, Headset, the leading provider of data and analytics to the cannabis industry, recently announced it is launching its competitive intelligence tool, Headset Insights in Canada. Recreational cannabis has been legal country-wide in Canada since October 2018 and the young and growing market is still developing. This will be Canada's first retail-derived cannabis market read based on aggregated Point of Sale data at the receipt-level.
"This announcement is further proof that Headset will continue to dominate the cannabis data and analytics vertical – first in the United States and now in Canada," said Mr. Alexandrian. “This announcement validates our belief that in the cannabis industry, like other mature industries, data will be king."
SinglePoint Inc. (OTCQB: SING) has also been looking at disruptive technology coming to the market with their recent shareholder update on the success of Jacksam/Convectium. As a lead investor in Jacksam before the company went public, SinglePoint was able to secure sizeable interest in the company. Jacksam has now gone public and the value of the company has increased significantly and both parties foresee a very bright future ahead.
“To date, Jacksam has been a tremendous investment for SinglePoint. This is exactly what we look for when investing or acquiring businesses. The company was successful in its original vision and has increased the opportunity for major scalability by opening up the platform. They are now able to work with some of the biggest companies in the space such a CCELL. We are excited to be a part of this high growth company and believe it will only continue its exponential growth,” commented Wil Ralston, President of SinglePoint.
Convectium is the inventor of the world’s first cannabis oil filling system and proprietary packaging systems. This is a major advancement at a time when about 80% of all concentrate products (vapes and pods) are filled manually. By hand, oil cartridge fills are completed at a paltry 75 per hour. Convectium’s 710 Shark system can exceed that in less than a minute on its way to produce between 6,000-12,000 in an hour.
Commenting on their product capabilities, Jacksam/Convectium CEO, Mark Adams stated: "Up until now companies using CCell cartridges couldn’t access our state-of-the-art automation equipment which delivers up to 287% more efficiency and 80% labor savings. Our new 'open system' approach catapults our market potential to another level by enabling large-scale CBD or THC concentrate companies to increase output, reduce risks, costs and waste, and beat the competition. These unique machines enable concentrate companies to automate the 'fill and cap bottleneck' and cement Convectium’s position as the only true scalable system in the business.”
While production and cultivation remain essential to the growth and stability of the cannabis market, we are starting to see how much of an impact even one of these emerging technologies can have on the ancillary sectors and how some early adopters have been able to achieve massive competitive advantages.
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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