CannaTrac Ecosystem Filling Gaping Void in Cannabis Industry -- CFN Media
Seattle, Washington--(Newsfile Corp. - December 6, 2019) - CFN Media (OTCQB: CNFN), the leading agency and financial media network dedicated to the North American cannabis industry announces publication of an article discussing CannaTrac and its cashless solution for the cannabis industry.
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Ask any licensed dispensary operator what is the biggest hurdle they face? The answer you will most often hear is "banking". Although legal in thirty-three states, federal laws continue to be problematic for dispensaries and other ancillary businesses. Most banks and credit unions are still unwilling to offer financial services to cannabis-related businesses due to their lack of understanding and fear of repercussions at the federal level. According to the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN), just 715 depository institutions were openly banking with cannabis-related businesses as of June 2019. Here is what we do today to solve the biggest problem - "CannaTrac offers the first and only ecosystem designed for the cannabis industry to process payments digitally, legally, and efficiently tied to a banking services account. And, the ability to scale internationally with the strategic alliances we've established this year."
Imagine an industry that has virtually no options for retailers accepting digital payments. Consider patients paying for medications at their pharmacy? If you're out of cash, you're out of luck. This just doesn't make any sense in today's digital world of e-commerce.
A cash-only system is archaic, cumbersome, inconvenient, and a safety issue from every angle. Cannabis businesses are left with the problems associated with substantial amounts of cash on hand. This creates many problems including increased costs for security & cash management, and is a major safety issue for the business' employees, customers, and surrounding community.
CannaTrac founder, Terry Patton's background in financial and derivative markets provided the groundwork for his years of extensive research and development, that to date is unmatched in the cannabis space. Terry's R&D took him on nationwide travels meeting with every stakeholder group in the industry; Officers at Banks and Credit Unions, the Colorado Governor's Office of Marijuana Coordination, Lobbyists, Policy Makers, State Representatives & Senators, District Attorneys, Local and State Law Enforcement, Doctors, Patients, Caregivers, Dispensaries, Growers, Scientists, Software Developers, State Treasurers, and representatives of the following organizations - BOE.ca.gov, ICRS.org, MPP.org, NCIA.org, NORML.org.
This collaboration enabled CannaTrac to develop an ecosystem for the Cannabis Industry.
An ecosystem of strategic alliances, offering an array of products and services that consists of FIRST, Inc. (Financial Institution Report and Search Technology) which provides vetting and continued due diligence, and KYC compliance. CannaCard®, a groundbreaking cashless payment platform designed for business to consumer (B2C). CannaCard is both a physical card and/or mobile app that engages the consumer on a personal level. And a comprehensive transaction dashboard that provides a real-time audit trail for financial institutions and retailers.
Terry recognized the value of creating a brand that is easily recognizable and unique to the Cannabis Industry. Thus, the names "CannaTrac®️" and "CannaCard®️" were a perfect combination -- the names say it all. Federally registered brand names and IP are critical for global recognition, and are the foundation for the upside-potential, and growth of the company.
Filing federal trademarks and service marks were the unknown. Protection started initially with state trademarks in legalized states, eventually filing federally with the USPTO & Canada. We continue to add to our IP portfolio, including two provisional patents on our processes.
The CannaTrac Solution for Retailers (Brick & Mortar, Online and Delivery)
By implementing the CannaCard at Brick & Mortar locations, retailers are provided with a litany of benefits, including increased foot-traffic and sales. Studies have shown that consumers purchasing through cashless options spend up to 20% more versus paying with cash. Using CannaCard reduces the costs associated with cash intensive businesses. Using CannaCard increases staff efficiency to spend more time focusing on the customer. CannaCard is a turn-key, stand-alone payment platform, that can integrate with your current point-of-sale (POS) system.
CannaCard built an Online plugin for CBD retailers. The CannaCard will be the payment of choice for thousands of online stores by offering consumers loyalty & rewards combined with payments that streamline the checkout process and offer low fees to online CBD retailers.
Delivery plays a significant part in the cannabis industry. CannaCard cashless payments is now available through a next generation mobile handheld device that is PCI compliant and FCC approved. It operates both on Wi-Fi and Cellular networks and, combined with vehicle tracking capability, creates a safer environment for the delivery person, consumer and community.
Through a groundbreaking new partnership with Pacific Banking Corp. (PBC) inked in 2019, CannaTrac is providing state-licensed cannabis dispensaries and CBD retailers, the ability to apply for the CannaCard payments platform and banking services with PBC simultaneously with one application. For many, this will be the first time they have the opportunity for traditional banking services, with a single application, streamlined onboarding process, and no waiting list.
The CannaTrac Solution for Caregivers
Caregivers, who are often overlooked by the mainstream, continue to be a ground force that serves those who are unable to care for themselves, including access their patients' medication. We made it our priority to serve their needs, offering PCI compliant, cashless payments with our mobile handheld device.
CannaTrac Solution for Consumers
The CannaCard allows Consumers to conveniently upload funds through the app with a bank account, credit card, debit card or cash at participating retail locations. The Consumer is rewarded with points for each purchase for every dollar spent. Don't have a CannaCard yet? The Customer has the option to download the app, sign up and immediately load funds before checking out without leaving the retail shop or online store.
Management purposely implemented minimal fees in order to offer an affordable and convenient payment alternative compared to existing services in preparation for the day when federal legislation is adapted to bring cannabis sales on par with all other retail goods.
The CannaTrac Solution for Financial Institutions
Financial Institutions currently banking the cannabis industry or looking to start can access CannaTrac's suite of services that Qualify accounts and Verify funds in order to Satisfy regulators. As banking services open-up to the cannabis industry through federal legislation (MORE, SAFE, and STATES ACT) the regulatory scrutiny will only intensify to safeguard financial institutions, and our vetting and continued due diligence services ensure compliance.
The CannaTrac Solution concerning Governing Bodies
Any City, County, State, Nation or Territory looking to mandate a cashless payment system for the cannabis industry, now has a turn-key solution with CannaCard. CannaCard is designed to operate/manage a mandated payment platform in any jurisdiction with proprietary software that is flexible enough to meet the demand of changing regulations.
"We intend to be around for a long time, and want to help businesses & consumers, and banks & credit unions to operate efficiently in the ever-evolving cannabis industry," commented Thomas Gavin IV, Vice Chairman and CEO of CannaTrac, in a phone conversation with CFN Media. "Taking a leadership position ahead of legislative reform gives us a competitive edge to build our brand and establish customer loyalty far before the majors join the fray," he added.
While Washington hammers out details, CannaTrac will have already imprinted its growing footprint. As the company expands nationwide and internationally, it is currently engaged on a high-profile marketing campaign that will put its LOGO at red carpet events such as Fashion Week, the AMA's, Critic's Choice Awards, the Grammy Awards, and the Oscars. In order to fund the expansion initiatives, CannaTrac has engaged advisory firm Timoneer Strategic Partners to assist in raising approximately $15.0 million, which will be used for scaling, hiring additional staff, marketing, securing additional IP, and more.
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CannaTrac Company Contact:
Vice Chairman / Chief Executive Officer
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50505