SAN DIEGO, Aug. 05, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE — PRESS RELEASE — Global Payout Inc. and its wholly-owned subsidiary MTrac Tech Corporation have announced the launch of the MTrac payment platform in Louisiana’s newly operational medical cannabis industry. This launch is unique in that it is the first state in which the MTrac system will be deployed at every level of the supply chain at the moment the market goes live, which has officially been announced as this Tuesday, Aug. 6, 2019.

Signed into law in 2016, the state of Louisiana, like most states, took great pains to establish a set of regulations that provide the necessary oversight of its legal cannabis markets. At the heart of these challenges continues to be the question of how to deal with the banking problem. With Schedule 1 still in place, most banks are not willing to take on the risk of providing their services to cannabis businesses. However, some institutions are willing to do so with the development and implementation of a unique program to ensure that the bank is in compliance with both cannabis regulations and FinCen’s BSA/AML policies and regulations. This is not an easy task when the banks’ cannabis clients are restricted from normal merchant processing accounts and are forced into cash operations, but this is where MTrac continues to make a difference.

In November, MTrac began discussions with the main bank in Louisiana that would provide cannabis-compliant bank accounts to the states MRB’s (marijuana-related businesses), and over the course of the following months, which contained several due diligence discussions and presentations, MTrac had the honor of securing a relationship with the bank as its pre-approved sole provider of card processing services. Because the bank developed its compliance program to offer accounts to the growers, dispensaries and all ancillary MRB’s, this relationship provides MTrac with the opportunity to offer its services to the entire supply chain by showcasing its proprietary B2B payments technology in addition to its retail services.

Said MTrac CCO Jason LeBlanc, “Louisiana represents a special market for MTrac. Not only is it my home state, but this is the company’s first opportunity to be an integral part of a state’s entire market launch, which, in turn, makes Louisiana the first state in the nation that will not be subjected to the cannabis industry’s all too common ‘cash-only’ environment.” LeBlanc continued, “I’m so thrilled that our MTrac team continues to be in a vehicle that delivers real change to an industry in need. Our common-sense solution makes businesses and communities safer and provides a digital avenue for tax payments, while the transparent tracking features of the ledger lowers the risk for participating banks and helps to prevent tax evasion and money laundering. The fact that we have an opportunity to provide our solutions to Louisiana is a dream come true.”

This represents a significant leap for the company as the state will serve as a model for other states looking to implement a closed-loop system for the cannabis industry, both recreational and medical. While there have been some delays in the state related to the production and testing of the product, the market will be going live this week, and the company will be watching this launch very carefully and with great excitement. The company will continue to provide shareholders with regular updates concerning its continued expansion nationwide.