CannabisNewsWire Editorial Coverage:
As bitcoin’s price continues its meteoric rise, which has seen the
cryptocurrency skyrocket in value from just under $1,000 at the
start of 2017 to above $10,000 in November, a number of companies
have taken steps to benefit from the growth of the burgeoning
cryptocurrency industry. One area of the industry that appears to
offer significant growth potential is the application of bitcoin
and other cryptocurrencies to sectors of the economy, such as the
cannabis industry, that are blocked from accessing banking
services. Among the companies that have oriented their businesses
to take advantage of opportunities in these markets are
Global Payout, Inc. (GOHE) (GOHE
Profile), SinglePoint, Inc.
(SING
Profile), Bitcoin Investment Trust (GBTC), Bitcoin
Services, Inc. (BTSC) and Riot Blockchain, Inc.
(RIOT).
Global
Payout, Inc. (GOHE) has positioned itself to provide
transactional services to companies offering cannabis-related
products through its MoneyTrac Technology, Inc. subsidiary, which
enables such companies to access the banking services they need to
conduct their business. While some states have legalized the use of
cannabis, it is still categorized as a Schedule 1 drug according to
the federal Controlled Substances Act – hence, cannabis businesses
are essentially “unbankable,” and shut out of the traditional
banking system.
The MoneyTrac payment platform handles regulatory compliance and
the processing and tracking of transactions for these firms, as
well as offering additional services such as bill pay and loyalty.
Cannabis companies can use the platform to perform banking
functions not available to them at traditional financial
institutions. In conjunction with affiliated partnerships,
MoneyTrac enables merchants dealing in cannabis and other high-risk
goods to access an audited, fully compliant system they can use to
access banking services.
The recent addition of bitcoin technology to the platform helps
merchants address the difficulties associated with having to
perform cash-only transactions by giving them a secure payment
option. Backed by the power of the blockchain, a distributed
network of peer-to-peer servers that enables the preservation of
highly accurate transaction records and thereby ensures full
transparency, cryptocurrencies such as bitcoin are increasingly
being accepted by merchants around the world for transactional
purposes.
To help expand the scope of this service, Global Payout recently
announced (http://cnw.fm/hbK1L) a strategic partnership with
T&T Financial to boost the sales and marketing services it
offers to the underserved cannabis industry businesses. In the
press release, the company emphasized that MoneyTrac has also been
working with additional partners in the financial services arena to
set the stage for the banking solutions it intends to offer legally
compliant cannabis companies – services that are sorely needed
given the tremendous amount of business currently being transacted
in the industry.
MoneyTrac has also ramped up sales and marketing in Los Angeles
County for PotSaver, its recently acquired cannabis brand. PotSaver
is a revenue-producing community periodical and online advertising
platform that offers listings on discounted cannabis-related
products to local dispensaries and shops. With an already
established presence in the San Diego County cannabis community,
MoneyTrac has provided the company with the support to expand its
operations in preparation for the legalization of recreational
cannabis in Los Angeles and Orange counties in 2018.
The Los Angeles edition of Potsaver is expected to launch
January 1, 2018, followed by the release of “PotSaver Biz,”
developed exclusively for business operators in the emerging
cannabis industry, by the end of Q1 2018 (http://cnw.fm/3DT0x).
“One of our biggest takeaways from attending the MJBizCon was
how much better the cannabis industry can be connected from a
business perspective through a publication such as PotSaver Biz.
This publication will provide many of these owners, who are
operating virtually every type of business in the industry, from
lighting equipment to security services, an effective platform to
market their products and services to the specific owners of other
businesses in the industry that are in need of exactly what they
have to offer,” MTRAC COO Vanessa Luna stated in the press
release.
Another company targeting payment issues and subsequent
opportunity in the cannabis industry is SinglePoint,
Inc. (SING), which along with AppSwarm, Inc.
(SWRM) recently finalized development plans to release
mobile applications specifically designed to solve issues in the
cannabis space using the blockchain technology and bitcoin payment
options. The applications and tech will be modeled and marketed
under SinglePoint’s SingleSeed subsidiary (www.SingleSeed.com), while AppSwarm will
provide the necessary technical support and application
development. According to the companies (http://cnw.fm/jnw8B), the mobile apps and tech will
also modernize the consumer experience by adding in SinglePoint’s
payment features, as well as a multitude of other functionalities
that are currently proprietary to AppSwarm.
SinglePoint has also completed its “soft launch” of a bitcoin
exchange designed to address the difficulties that being unbankable
causes such firms. The company’s system is available for use in
cannabis businesses located in any of the 29 states that allow
legal sales and the District of Columbia. The payment system
enables instant bitcoin-driven purchases with a credit or debit
card for customers who have signed up with the system, similar to
systems already in use overseas. Processing of transactions occurs
outside of traditional FDIC-regulated banking channels.
“We are very pleased with what we have built out and executed on
with this solution. SinglePoint now has a base to continue
innovating on for the cannabis payments space. Businesses are
contacting us daily about payment services and with this solution
we feel confident we will be on boarding many of these customers.
This is just the beginning of a solution that will ultimately serve
cannabis businesses much beyond payments. The overall goal is to
have a fully integrated solution for businesses to manage their
day-to-day operations from beginning to end,” SinglePoint President
Wil Ralston stated in the press release (http://cnw.fm/NbK0d).
While bitcoin-enabled cannabis companies offer hybrid plays on
both the growing cryptocurrency and cannabis markets, a number of
pure plays on the potential of cryptocurrency exist, including
Bitcoin Investment Trust (GBTC), which is the
first publicly traded entity solely invested in bitcoin. Sponsored
by Grayscale Investments, the trust allows investors to gain
exposure to the price of bitcoin via a traditional investment
vehicle without dealing with the issues involved with purchasing,
storing, and securing bitcoins. In a sign of the acceptance
cryptocurrency investments are gaining, Bitcoin Investment Trust
was selected by OTC Market Group as one of its “OTCQX Best 50” of
2017.
Another company that has seized the opportunity to offer
bitcoin-related ancillary services is Bitcoin Services,
Inc. (BTSC). The company’s stock price, as with a number
of other industry players, has soared in 2017, rising from a price
of $0.01 to over $0.30 in November. BTSC offers bitcoin escrow
services and also develops blockchain software and mines
cryptocurrency. Bitcoin Services has created a new subsidiary this
year, Crypto Capital Corp., which it intends to use to develop a
cryptocurrency wallet enabling users to store multiple digital
currencies securely in a single wallet.
A play on the technology of the blockchain is Riot
Blockchain, Inc. (RIOT), formerly known as Bioptix. In
October of 2017 the company rebranded its business to reflect its
entry into the digital currency market, where it intends to buy
cryptocurrency and blockchain companies. Its goal is to become a
leading blockchain authority and to position itself as an
investment vehicle offering exposure to the blockchain and
cryptocurrency environment.
In November, Riot Blockchain announced it had made a strategic
investment in Verady, LLC, which uses blockchain technology and
thought leadership in the sector to provide accounting standards
and audit services to companies operating in the cryptocurrency
industry. Verady has recently debuted a decentralized network of
tools for financial reporting and accounting aimed at the
cryptocurrency market called VeraNet.
The intersection of the growth of the cannabis and
cryptocurrency markets has created a promising environment for
firms looking to capitalize on the robust growth currently
occurring in these industries. Legalization of the use of cannabis
for medical and recreational use by governments around the world
has led to powerful demand for the product, which shows no signs of
letting up anytime soon. This is reflected in a report by Grand
View Research, which projects that the cannabis market will reach
$55.8 billion by 2025.
Similarly, the ability of the blockchain to provide a
decentralized, encrypted ledger to store records in an efficient,
verifiable manner without requiring assistance from intermediaries
has facilitated growth in the cryptocurrency market. The blockchain
serves as the backbone of cryptocurrencies such as bitcoin, and its
radical transparency has enabled the use of bitcoin to process high
risk transactions, such as those in the cannabis industry. In a
sign of the growing mainstream acceptance of the cryptocurrency,
the U.S. CFTC recently gave approval to the CME CBOE exchanges to
start trading bitcoin future contracts on Dec. 18 of this year.
Companies that participate in either or both of these markets
can take advantage of the interplay between them, as firms offering
pureplay bitcoin offerings can benefit from the increased usage of
the cryptocurrency likely to arise from the growth of the cannabis
market, and companies strictly offering cannabis services can
profit from the increased payment and management options enabled by
blockchain technology and cryptocurrencies. The companies named
above have positioned themselves to take part in this growth,
making them worthy subjects for further research by investors
seeking investment opportunities in these growing industries.
For more information on Global Payout, please
visit: Global Payout,
Inc. (GOHE)
About CannabisNewsWire
CannabisNewsWire (CNW) is an information service that provides
(1) access to our news aggregation and syndication servers, (2)
CannabisNewsBreaks that summarize corporate news and
information, (3) enhanced press release services, (4) social media
distribution and optimization services, and (5) a full array of
corporate communication solutions. As a multifaceted financial news
and content distribution company with an extensive team of
contributing journalists and writers, CNW is uniquely positioned to
best serve private and public companies that desire to reach a wide
audience of investors, consumers, journalists and the general
public. CNW has an ever-growing distribution network of more than
5,000 key syndication outlets across the country. By cutting
through the overload of information in today’s market, CNW brings
its clients unparalleled visibility, recognition and brand
awareness. CNW is where news, content and information converge.
Receive Text Alerts from CannabisNewsWire: Text "Cannabis" to
21000
For more information please visit https://www.CannabisNewsWire.com and or https://CannabisNewsWire.News
Please see full terms of use and disclaimers on the
CannabisNewsWire website applicable to all content provided by CNW,
wherever published or re-published: http://CNW.fm/Disclaimer
CannabisNewsWire (CNW)
Denver, Colorado
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.net
DISCLAIMER: CannabisNewsWire (CNW) is the source of the Article
and content set forth above. References to any issuer other than
the profiled issuer are intended solely to identify industry
participants and do not constitute an endorsement of any issuer and
do not constitute a comparison to the profiled issuer. The
commentary, views and opinions expressed in this release by CNW are
solely those of CNW. Readers of this Article and content agree that
they cannot and will not seek to hold liable CNW for any investment
decisions by their readers or subscribers. CNW is a news
dissemination and financial marketing solutions provider and is NOT
registered broker-dealers/analysts/investment advisers, hold no
investment licenses and may NOT sell, offer to sell or offer to buy
any security.
The Article and content related to the profiled company
represent the personal and subjective views of the Author, and are
subject to change at any time without notice. The information
provided in the Article and the content has been obtained from
sources which the Author believes to be reliable. However, the
Author has not independently verified or otherwise investigated all
such information. None of the Author, CNW, or any of their
respective affiliates, guarantee the accuracy or completeness of
any such information. This Article and content are not, and should
not be regarded as investment advice or as a recommendation
regarding any particular security or course of action; readers are
strongly urged to speak with their own investment advisor and
review all of the profiled issuer's filings made with the
Securities and Exchange Commission before making any investment
decisions and should understand the risks associated with an
investment in the profiled issuer's securities, including, but not
limited to, the complete loss of your investment.
CNW HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E the Securities Exchange Act of 1934, as amended and
such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. "Forward-looking statements" describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "may", "future", "plan" or "planned", "will" or "should",
"expected," "anticipates", "draft", "eventually" or "projected".
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in a company's annual report on Form 10-K or 10-KSB and
other filings made by such company with the Securities and Exchange
Commission. You should consider these factors in evaluating the
forward-looking statements included herein, and not place undue
reliance on such statements. The forward-looking statements in this
release are made as of the date hereof and CNW undertakes no
obligation to update such statements.
Source:
CannabisNewsWire
Contact:
CannabisNewsWire (CNW)
Denver, Colorado
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.net
Grayscale Bitcoin Trust ... (AMEX:GBTC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Grayscale Bitcoin Trust ... (AMEX:GBTC)
Historical Stock Chart
From Sep 2023 to Sep 2024