MGR2, LLC Makes Strides to Include MTrac Payment Platform in Legislation Across the Nation
SAN DIEGO, Calif., Sept. 24, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Global Payout Inc. () (“Global”) and its wholly owned subsidiary MTrac Tech Corp. (“MTrac” or the “Company”) are pleased to announce that MGR2, LLC (“MGR2”), the government relations team engaged by the Company, has made significant strides in recent weeks to incorporate language regarding blockchain in State Assembly Bills to develop cashless ecosystems for legal marijuana businesses. The degree of regulatory challenges facing the legal marijuana industry, whether medical or recreational, is significant at the legislative level and creates uncertainty in states’ oversight decisions. While anticipating new measures and classifications handed down by the federal government, these ‘legal’ states are searching for solutions to enact legislation that would help to enhance regulatory controls in their respective cannabis marketplaces. While many licensed cannabis businesses have access to limited purpose bank accounts where they are able to deposit cash, they still lack compliant, digital payment solutions, which means that the states continue facing regulatory challenges associated with cash, while those businesses continue being exposed to risks and increased overhead costs related to the manual processes necessary in accepting and reconciling cash as their main payment method.
The team at MGR2, LLC (“MGR2”) has been working closely with various Assemblymen to solve this problem for the state of New Jersey. As the legislators behind A10, the state’s bill to expand their already successful medical marijuana system, these legislators understand the problems facing the cannabis industry in their state. Concerns were expressed about the viability of a blockchain payment system, but after hearing the degree of security of the MTrac Platform, and the expertise behind the technology, language suggested by MTrac and MGR2 to establish a cashless system is being considered for inclusion in the new bill. Because of the interest in the feasibility of implementing a viable digital payment solution, the MTrac team has invited a legislative delegation from New Jersey to San Diego to further discuss the technology and to see the platform first hand.
Additionally, Carol Gabel, Partner at MGR2, a blockchain and cybersecurity expert, will be participating in an educational forum on Tuesday which will include the Commissioner of Health for the State of New Jersey and other leaders in both the education and cannabis sectors there. Carol’s focus will be on the application of blockchain to create a safe and secure cashless system, not only in cannabis but other industries as well. David Spector of MGR2 will also be meeting with influential legislators outside of New Jersey to discuss the system in more detail where his team’s strides have started to peak the interest of legislatures in other states; among them Ohio, Florida, and potentially Michigan. Mr. Spector intends to use the language suggested by MTrac and MGR2 for the purpose of advancing a transparent and regulatory-compliant payment system to enhance those states’ cannabis policy initiatives.
“The goal of every legislature intending to implement either medical or recreational cannabis is to do so in a responsible manner that provides for the safety and security of the businesses operating in the industry and the community at large,” said MGR2 founder Barry Lefkowitz. “The system that MTrac brings to the table does just that while also offering legislators an opportunity to approve a digital payment system that helps to ease concerns of regulatory oversight related to a cash-heavy industry. The system eliminates cash, which deters theft and fraud, giving local municipalities the unprecedented ability to rely on blockchain, with its inherent security and record keeping capabilities, to provide traceable transactions, which not only enhances regulatory controls but also increases tax revenue and the efficiency with which it’s received. It is, in my opinion, a uniquely valuable tool that any government would do well to utilize.”
“As we make our push for legislative recognition of MTrac’s platform as a state-approved blockchain payment solution we begin to see the big picture really start to unfold where finance and new technologies converge to support unique economies,” said MTrac CEO, Vanessa Luna.
About Global Payout, Inc. ()
From 2014 to 2017 Global focused on identifying new state of the art technologies in a variety of industry sectors and successfully helped launch MoneyTrac Technology Inc. and other companies within the FinTech space. In 2018, Global completed a reverse triangular merger with MoneyTrac Technology Inc. resulting in Global retaining the wholly owned subsidiary, MTrac Tech Corporation. Global’s current focus is continuing to identify new business opportunities while it reorganizes its future business endeavors.
About MTrac Tech Corp.
MTrac Tech Corporation. a Nevada Corporation is a privately held wholly owned subsidiary of Global Payout, Inc. MTrac is a software technology, sales and marketing, and business development company focused on “high risk” and “high cost” industries. The Company’s flagship product is the MTrac payment platform offering a full-service solution for alternative banking and electronic financial marketplace with technology offerings including Payment Platform, Blockchain, Compliance, POS, E-Wallet, Mobile Application and Digital Payment Solutions. We are one network disrupting the status quo. It is MTRAC’S creative vision through the use of its innovative technology solution to become the premier service provider offering the “Key to CashlessTM”
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