PSYC To Exit Cannabis Payments Industry To Redirect Focus on Emerging Psychedelic Market Space
June 12 2020 - 1:05PM
InvestorsHub NewsWire
PSYC To Exit Cannabis
Payments Industry To Redirect Focus on Emerging Psychedelic Market
Space
SAN DIEGO, CA -- June 12, 2020 --
InvestorsHub NewsWire -- Global Trac Solutions, Inc. (OTCPink: PSYC) (“Global” “PSYC” or the
“Company”) would like to announce to its valued shareholders and
stakeholders that in an effort to more strategically focus the
Company’s current growth and expansion initiatives within the
burgeoning medicinal psychedelic industry, in addition to adapting
to the challenges faced within a changing economic climate, the
Company has made the decision to wind down operations
associated with its wholly-owned subsidiary, MTrac Tech Corporation
effective immediately.
While the Company contends that
this decision was not easy given the success MTrac achieved within
the retail cannabis industry over the last year and a half, it
believes that in order for PSYC to proceed full steam ahead with
its push into the psychedelic space, it must make every effort to
dedicate as much of its valuable resources towards the pursuit of
this initiative.
“Though this decision comes with
an understandably heavy heart, I remain extremely proud and
eternally grateful of what we were able to accomplish with MTrac
and the MTrac brand,” said Global Trac Solutions, Inc. CEO, Vanessa
Luna. “We took an entirely new and innovative form of software
technology, branded it, marketed it, and successfully delivered it
to an industry in need of it the most. The journey associated with
the development, launch and success of MTrac was every bit as
exhilarating as it was challenging and there are few words to
describe how eternally appreciative I am for the dedication and
sacrifices made by everyone who was involved in this along the way.
However, in now having a full and complete understanding of the
demands, complexities, and exorbitant costs which are required to
effectively and compliantly operate a business within a sector of
an industry whose regulations are constantly shifting across
multiple states, I believe that it is in our best interest
from both a financial and growth perspective to focus entirely on
our efforts in the emerging psychedelic space.”
In connection with its decision to
wind down operations with MTrac, the Company has mutually and
amicably cancelled its exclusive licensing agreement with its
former technology partner GreenBox POS and will dedicate the next
several weeks towards an effective and efficient phase out of any
and all remaining business operations within
MTrac.
About Global Trac Solutions, Inc.
(OTC Pink:PSYC)
Global Trac Solutions is a
diversified holding company dedicated to identifying new and
emerging industries. By utilizing our years of business development
expertise our diverse team of innovators continuously leverages our
experience to effectively execute go-to-market strategies in order
to position ourselves for rapid growth through the creation of an
evolving business foundation to enhance profitability
potential.
Since 2017, PSYC has been a
pioneer in the emerging software and payment processing sector of
the cannabis industry and has established itself as a trusted
resource for businesses operating within the industry. Today, PSYC
through its network of partners and affiliates, continues to
connect businesses throughout the cannabis industry with critical
solutions and services ranging from payment processing technology,
cutting-edge software, and ancillary services vital to compliant
and effective business operations.
Most recently, PSYC has expressed
its intent and commitment to positioning itself at the forefront of
the psychedelic revolution and as a resource center for discovering
and understanding the latest research and business opportunities
surrounding psychedelic inspired medicines. In conjunction with the
FDA’s more open-minded approach to psychedelic medicines, and as
several major U.S. cities continue to approve the decriminalization
of psilocybin, investors are speculating that the psychedelic boom
could be bigger than that of cannabis. PSYC is your source for
current investment related news specific to psychedelic medicines
and cutting-edge research improving overall health, moving this
sector into the mainstream.
We believe in a forward-thinking
approach that embraces groundbreaking new technology and
innovations and through the vision of business development we
intend to continue to evolve into these unchartered territories as
the industry leaders of the future. We truly are the right TRAC to
follow.
Forward-Looking Statements
Disclaimer:
This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. In some cases, you can
identify forward-looking statements by the following words:
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "ongoing," "plan," "potential," "predict,"
"project," "should," "will," "would," or the negative of these
terms or other comparable terminology, although not all
forward-looking statements contain these words. Forward-looking
statements are not a guarantee of future performance or results and
will not necessarily be accurate indications of the times at, or
by, which such performance or results will be achieved.
Forward-looking statements are based on information available at
the time the statements are made and involve known and unknown
risks, uncertainty and other factors that may cause our results,
levels of activity, performance or achievements to be materially
different from the information expressed or implied by the
forward-looking statements in this press release. This press
release should be considered in light of all filings of the Company
that are disclosed on the OTC Markets.com
website.
Corporate
Contact:
Global Trac Solutions, Inc.
(PSYC)
www.globaltracsolutions.com
(619) 925-3202
info@globaltracsolutions.com
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