SAN DIEGO, March 31, 2015 (GLOBE NEWSWIRE) -- Global Payout, Inc. (OTC Pink:GOHE), a leading provider of international electronic payment solutions, announced today that it has entered into a strategic relationship with CannaTrac™ Technology, Inc. (CannaTrac™) for the deployment of Global Payout's closed-loop marijuana industry payment platform. As announced on March 18, Global Payout has developed a closed-loop payment system that resolves the unique challenges present in the fast-growing medical cannabis and recreational cannabis industries by reducing the risks associated with cash transactions, and by solving the crucial payment and transaction execution issues currently plaguing the industry. The system pledges to provide: the simplified, low cost transfer of payment that responsibly records respective tax revenues, the ability to mitigate illegal marijuana transaction activities, and compliance with other regulatory requirements. CannaTrac™ is now in position to launch a Pilot Program and has secured the support of government agencies, municipalities, state and county officials, dispensaries and banks. Execution of final contracts with banks, cities, counties, states and licensed dispensaries are expected to begin in April 2015.
Terry Patton, Chairman and Founder of CannaTrac™ stated, "We have been working behind the scenes for years knowing there would be a day when the problems created by a highly regulated and taxed, cash-based industry would need an all-encompassing solution. This solution even addresses the concerns of legal intrastate commerce versus illegal interstate commerce where we are currently seeing state versus state legal action. Our intent is to get our system in place and transacting imminently so that we can demonstrate that an optimal solution exists, and that satisfies everyone's needs."
"It is clear to us from the introductions CannaTrac™ has made, and the level of people they are negotiating with that they are very worthy to lead this effort. We are anxious to move forward with CannaTrac™ and begin testing in various states, counties and cities that want an efficient and controllable payment platform for its dispensaries and consumers," Jim Hancock, CEO of Global Payout commented.
CannaTrac™ Technology, Inc. was created to bring integrity and transparency to the Cannabis Industry. CannaTrac™'s team of experts have many years of combined experience in banking, biometrics, business, caregiving, compliance, diversion, financial services, government affairs, law-enforcement, patient rights & privacy, and software and technology. The company's main objectives are the establishment of payment management systems, management thereof, and the continued oversight of a highly diversified support structure that uses proprietary software and technology to implement controls and accounting practices at every level of the cannabis industry payment/collection process to ensure the secure and proper collection and distribution of funds from point of sale to final deposits in state-allocated banks. CannaTrac™ will protect the privacy and confidentiality of the end user while affording transparency for all monetary transactions at the banking and business model level to ensure Federal Guidelines for transparency are met and in compliance.
Benefits to participants on the system include:
- Full Documentation of ALL Financial Transactions
- Increase retail sales by as much as 20%. Research shows that retail sales increase by as much as twenty (20%) percent when customers use a credit/debit card vs. cash
- Pay tax revenues immediately – no more suitcases filled with cash and life threatening trips to pay taxes.
- Send payments directly to ALL vendors and track invoices
- Receive deposits directly from ALL vendors and track invoices
- Establish a revenue documentation process to bring value to your business
- Speed up staff transactions with complete accuracy in every transaction. By eliminating cash within the business it stops all diversion potential by staff as well as transaction errors
- Bookkeeping just became much easier and safer. No more long hours with large sums of money and counting machines
- Security services can be focused on safety of your facility and customers rather than money management
- Security costs will decrease with cash removal from business
- Retail merchant loyalty rewards program offers redeemable discounts on future purchases
Visit cannatrac.com
About Global Payout, Inc.
Global Payout, Inc. (www.globalpayout.com) is a leading FinTech provider of comprehensive, customized electronic payment solutions for domestic, international and multinational businesses, organizations and government agencies worldwide. Global Payout implements payment solutions tailored to a client's specific needs, which may include MoneyTracTM, the company's Consolidated Payment Gateway (CPG), domestic and international prepaid cards, chip and pin cards, custom and co-branded prepaid cards, closed-loop marijuana payment systems, and merchant processing services. The company targets an estimated $3 trillion market including the estimated 60-70 million unbanked and under-banked adults in the U.S. and the estimated 2.5 billion unbanked and under-banked adults around the world.
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Forward-Looking Statement: The statements in this press release are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, our ability to complete post-closing conditions to the merger, and any other difficulties related to risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage and continue our growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.