Specifically, many payment providers are solely focused on developing state-of-the-art solutions as the widespread use of payment solutions has tapped into various markets such as finance, retail, and medical. Notably, the digital payments market has also been integrated into the cannabis industry. Following the spur of legalization efforts, many legal channels have been emerging such as dispensaries, cultivators, and distributors to rival those previously found via the black market. In particular, many legal dispensaries have implemented a digital payment system to speed up the payment process. Furthermore, payment processes have also been implemented into seed-to-sale technologies, which monitor and verify the process from when the plant is initially planted to when it is sold to the customer. Lastly, the introduction of digital payment solutions has also created online portals where customers can purchase products at the comfort of their homes. As a result, technological advancements are expected to accelerate the growth of the industry by attracting new customers by providing them with complete background information regarding the product they wish to purchase. And according to data compiled by Verified Market Research, the global marijuana market was valued at USD 42.20 Billion in 2016. By 2025, the market is expected to reach USD 466.81 Billion while registering a CAGR of 35.3% from 2018 to 2025. Global Payout, Inc. (OTC GOHE), Planet 13 Holdings Inc. (OTC PLNHF) (CSE PLTH), Emerald Health Therapeutics Inc. (OTC EMHTF) (TSX-V EMH), MariMed, Inc. (OTC MRMD), Terra Tech Corp. (OTC TRTC)
Aside from the quality of life features, the integration of technology has also introduced innovative products into the marketplace. For example, extraction technology has become widely popular because it allows producers to create oils, which are much more potent than dried cannabis flower. And while the industry still remains in its infancy stage, many entrepreneurs are quickly entering into the appealing market. Compared to oversaturated markets, the cannabis industry is relatively small because of its current illegal status under international regulations. Additionally, the difficult process of obtaining licenses also makes the market even smaller and more competitive. As a result, more companies are entering the side of the cannabis industry that does not directly engage with cannabis physically. By avoiding direct contact with cannabis, businesses face a lesser federal risk and liability than operators who interact with the plant, helping promote the rise of cannabis tech companies. A lot of individuals nowadays are working on really advanced technologies to improve and optimize the formulation and delivery of cannabis. We are seeing new technologies that control how quickly you feel the effects, the consistency of effects, and the entire consumer experience. Tech innovation and ongoing R&D are ingredients that the industry needs to continue to mature and grow, said Garbuz.
Global Payout, Inc. (OTC GOHE) yesterday announced breaking news that, the company has retained one of the nation's leading government affairs organization, Strategies 360 (S360), 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 D.C. The S360 team is comprised of some of the brightest and 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 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. LeBlanc. 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.
The Company looks forward to working closely with the S360 team to introduce its payment platform to the western states and will keep shareholders apprised of its progress at regular intervals.