CHICAGO, IL, Sept. 30, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CannaTrac® Technology, Inc. (“the Company”), the leading cashless payment solution for the cannabis industry, announced today that it has garnered media coverage in Investing News.
“It is an honor to be featured in Investing News regarding CannaTrac’s mobile payment solution, CannaCard®, which makes it easier for consumers to buy from dispensaries and online CBD retailers,” said Thomas Gavin IV, Vice Chairman and CEO of CannaTrac. “The CannaCard is helping to bring the cannabis industry into today’s technological day and age. It will continue to be valuable for both consumers and retailers who are seeking more convenient and safer payment alternatives.”
In the article titled US Dispensaries to Gain Banking Option With New CannaCard, published September 24, 2019, the article mentions the limited access to federal banking experienced by cannabis companies, as a result of the federal government’s harsh federal restrictions. Federal restrictions may continue to limit businesses and their consumers to cash-only transactions until the SAFE Banking Act is passed by the Senate.
The article goes on to highlight the Company’s mission to make buying from dispensaries an easier and more transparent process with its CannaCard technology, which gives the option of paying with a physical card or an app, both of which are attached to a points-based rewards program. Gavin was quoted in the article, “Many (dispensaries) are still dealing with cash, which costs them more in the long run (in) storage, taxes, everything - they’re paying a penalty for it all. We’re able to take that off the table.”
Investing News highlights the Company’s most recent agreement with Pacific Banking Corp. (PBC) which provides retailers the ability to apply for both the CananCard platform and banking services from PBC simultaneously. The article also references the Company’s LOI with a CBD distribution source to create a payment solution using the CannaCard.
CannaCard® sets itself apart from other companies that are trying to ease cannabis cash concerns. Gavin said, “A critical point of CannaCard’s benefits is the rigorous vetting process it puts its clients through. Through its wholly owned subsidiary, FIRST, Inc., the company has partnered with risk management firm LexisNexis to get information on over 1,700 repositories.”
For more information 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/
PR Contact
Kathleen Gonzales
CMW Media
kathlen@cmwmedia.com