CHICAGO, IL, Aug. 21, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CannaTrac® Technology, Inc. (“CannaTrac®” or “the Company”), the leading cashless payment solution for the cannabis industry, announced today that it has signed a Letter of Intent (“LOI”) with a major cannabidiol (CBD) distributor to create an online payment solution utilizing the CannaCard® platform.
The clients held by the CBD distributor currently generate almost $80,000,000 in yearly revenue and intend to use CannaCard® as their sole method of payment. In the future, CannaTrac® plans to offer the online payment option to additional companies that sell their products online.
“An evolving and confusing federal regulatory landscape has caused major disruptions in online payment processing for CBD companies across the country,” said Thomas Gavin IV, Vice Chairman and CEO of CannaTrac®. “We want to provide legitimate CBD companies with an online payment option that allows consumers to make their purchases online.”
Under the signed LOI, CannaTrac® intends to create an online payment solution that will allow clients under the CBD distributor to use the CannaCard® for online transactions. This will allow lawful CBD companies the reassurance that their payments will continue to process regardless of the industry’s landscape.
According to the Brightfield Group, 24 percent of CBD sales were performed through online platforms, creating a large demand for an online payment solution like CannaCard®. Through the cashless payment solution, CannaTrac® provides safety and transparency in the cannabis industry by thoroughly vetting all operators before adding them onto the payment platform.
To learn more about CannaTrac®, visit https://www.cannatrac.com/.
ABOUT CANNATRAC®
CannaTrac® is dedicated to bringing safety to the cannabis industry by serving as the industry’s leading cashless mobile payment system solution. CannaTrac® created the CannaCard® and the CannaCard App™ to provide consumers and retailers with a convenient way to benefit from increased safety and convenience through cashless purchases within the legal cannabis industry. Shop.Pay.Earn Rewards™ with the CannaCard®. To learn more about CannaCard® or register as a merchant, please visit https://cannatrac.com/