LAS VEGAS, April 12, 2018 (GLOBE NEWSWIRE) -- Player’s Network, Inc. (OTCQB:PNTV), a publicly traded diversified holding company operating in marijuana, announced today that they are investing in the development of MOTA coin, a cannabis-focused payment solution for the legal cannabis industry.
Last summer, PNTV started looking for an alternative for dealing with cash transactions and the inability to deposit cash into banks as cannabis companies. In November, 2018, PNTV, together with other founding members, retained Sophia Intelligence, a firm specializing in blockchain technologies and cryptocurrencies to help address the ever-growing problem facing unbankable cannabis companies.
MOTA coin is intended to serve as the primary payment rail within the marijuana industry, facilitating electronic payments and receipts for legal marijuana businesses. “Mota” is a Spanish-language term for marijuana and is among the most commonly used terms for marijuana globally.
The MOTA Coin design and development team spent months studying previous attempts (most failed) by other cannabis related coins/tokens to find a workable, legal, user-friendly and safe blockchain solution for the marijuana industry. This research led the team to build MOTA coin around three primary criteria:
- MOTA coin is rooted in simplicity; it will act only as an electronic payment rail and will not attempt to serve multiple purposes simultaneously. Previous cryptocurrency and blockchain based offerings in the industry have been unclear in their purpose or have acted like securities trying to raise money to finance the development of unrelated projects.
- MOTA coin is designed with ease-of-use in mind to encourage rapid user adoption. Consumers will be able to initially purchase MOTA coin using their regular credit or debit cards from any computer or smartphone.
- MOTA coin goes against the grain of most cryptocurrencies by setting a fixed, stable exchange price on a weighted algorithm based on the average price of marijuana in legal cannabis states as well as being pegged to the U.S. dollar. The supply of MOTA coin is allowed to fluctuate in response to demand. Price stability controls the risk of currency fluctuations, giving consumers and businesses the confidence of consistent purchasing power. This will also allow MOTA coin to function as a true high-velocity currency rather than as a speculative investment. In addition, there are practical peer-to-peer, b2c and b2b applications unlike previously failed cryptocurrencies built on hype.
MOTA coin is a tool to enable consumers and businesses to easily purchase cannabis products.
PNTV CFO Geoffrey Lawrence stated, “I didn’t realize how challenging it would be to operate an all-cash business. For example, we recently sent out an order for $140,000 to a dispensary and placed our employees in a potentially dangerous position of transporting that amount of cash. I quickly realized that an alternative to this risky business practice was needed. I felt cryptocurrency could solve these issues so MOTA retained Sophia Intelligence to create exactly that.”
Sophia Intelligence CEO Dusty Wunderlich responded, “When we first discussed a blockchain-based payments solution for cannabis, I was under the impression that such a solution already existed. But as we began to look at the existing offerings, we quickly realized they all suffered from major weaknesses which is why user adoption has been minimal. We realized there was still a huge opening for a simple, secure payments solution that people can use and manage easily without a need to learn about the complex world of trading in cryptocurrency. We believe MOTA Coin will be that solution.”
PNTV Director Brett H. Pojunis stated, “I have been a huge fan and supporter of cryptocurrency for a while. MOTA coin is positioned to offer a real, practical payment solution for the unbankable marijuana industry. I believe we will capitalize on this opportunity by creating a new, ongoing revenue stream through fair transactional fees. Due to our deeply rooted connections in the industry, I think we can quickly scale MOTA and achieve immediate market acceptance.”
Additional details about MOTA Coin are available on its website, at: https://motacoin.io.
LIVE ONLINE WEBINAR
Lawrence, Pojunis and Wunderlich are hosting a live online webinar to introduce PNTV shareholders and the investment community to MOTA coin and answer questions its business model. Part of the webinar includes an “ask us anything” style video Q & A where participants will have an opportunity to ask questions about MOTA coin and its business model.
Date and Time:
- Thursday, April 12, 2018
- 6:00 PM EDT
RSVP and Registration:
The first 100 people who register will reserve their place as an attendee. Visit this link and register now to reserve your spot:
The live online webinar will be recorded and available the next day. The video will be on PNTV’s investor relations website located: https://ir.playersnetwork.com.
GET INVOLVED:
MOTA coin is currently signing up Merchants, Partners, and Users to participate in their BETA launch. Please visit https://motacoin.io for more information and to sign up.
To sign up for investor alerts, please visit: https://ir.playersnetwork.com/investor-alerts
About MOTA coin
MOTA coin is a blockchain based payment solution for the cannabis industry.
Please visit https://motacoin.io for more information.
About Player’s Network (PNTV)
Player’s Network is a diversified company operating in media and cannabis markets. PNTV owns approximately 89% of Green Leaf Farms Holdings, LLC (Green Leaf Farms), which holds cultivation and production license(s) awarded by the state of Nevada. The cultivation license enables Green Leaf Farms to grow marijuana and the production license enables them to create extracts which are used for cartridges, oils and edibles. WeedTV.com is developing the ultimate resource for the marijuana lifestyle within our media operations.
For more information please visit www.PlayersNetwork.com
Please visit our Investor Relations site https://ir.playersnetwork.com
Sign up for PNTV investor alerts: https://ir.playersnetwork.com/investor-alerts
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
Player’s Network Contacts:
PR & Media Contact:
Matthew Bird, CEO
@1800pr
1-800-PublicRelations
Office: 646.401.4499
Email: matt.bird@1800pr.com
Investor Inquiries:
Brett H. Pojunis, Director
Email: ir@playersnetwork.com
Office: 702.840.3272
Blockchain and Crypto Inquiries:
Dusty Wunderlich
Email: what@motacoin.io
Office: 702.840.3272
European Media Inquiries:
Jeff Robinson
Email: jrobinson@playersnetwork.com
Office: 702.840.3298