Chicago, IL, Sept. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CannaTrac® Technology, Inc. (“CannaTrac®” or “the Company”), the leading cashless payment solution for the cannabis industry, today announced that it has come to an agreement with Pacific Banking Corp (“PBC”). CannaTrac® will provide state-licensed cannabis dispensaries and other retailers with the ability to apply for both the CannaCard® mobile payments platform and banking services with PBC simultaneously.

“We are excited to announce our agreement with Pacific Banking Corp and our universal application that allows us to sign up state-licensed dispensaries and retail merchants, including CBD distributors, to apply for both the CannaCard® mobile payments platform and banking services at the same time,” said Thomas Gavin IV, Vice Chairman and CEO of CannaTrac®. “With our streamlined process, operators can apply for both the safety and convenience of CannaCard® and security of a bank solution with just one submission.”

In recent years, the number of financial institutions willing to bank with cannabis businesses has gone up greatly, but the number is still far too small to service the rapidly expanding industry. According to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), only 633 depository institutions were banking with marijuana-related businesses as of March 2019.

The Company's universal application simplifies the process for cannabis businesses. CannaTrac® vets all businesses before they are accepted onto the CannaCard® mobile payments platform to safeguard our financial partners, consumers and additional operators using the software.

To learn more about CannaTrac® and apply to join the CannaCard® mobile payments platform, 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 payment 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/