NetworkNewsWire Editorial Coverage: The marijuana industry grew at a 30 percent annual rate from 2015-2016, with Arcview Market Research predicting a 25 percent compound annual growth rate through 2021. As large as it is diverse, the industry now serves 29 U.S. states and the District of Columbia, where marijuana has become legal for medicinal and/or recreational use. Demand, supply, and product diversity are fueling the growth. However, federal banking regulations restrict financial activity related to marijuana-based businesses. Global Payout (GOHE) (GOHE Profile) has unveiled a way around the cannabis industry’s unbankability, as its MoneyTrac subsidiary offers an alternative fintech solution that allows the cannabis industry to access traditional banking services. SinglePoint, Inc. (SING) has implemented a similar strategy, while alternative payment solutions are poised to benefit organizations such as American Cannabis Company (AMMJ), Marijuana Company of America Inc. (MCOA), and Easton Pharmaceuticals (EAPH), which are contributing to the industry’s growth and diversity.
Businesses selling cannabis face money laundering and other penalties under federal law, given marijuana’s classification under the Controlled Substances Act as a Schedule 1 drug. The solution: alternative banking and electronic financial systems.
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Innovative Payment Solutions Blossom in the Expanding Cannabis Industry
