BONSALL, CA--(Marketwired - Jan 4, 2016) - MARIJUANA COMPANY OF AMERICA ("MCOA" or the "Company") (OTC PINK: MCOA), an innovative cannabis marketing and distribution company, is pleased to announce that it has selected Global Payout, Inc. ("GP") (OTC PINK: GOHE) as its financial solutions provider.
The challenges of obtaining financial solutions in the cannabis industry make it difficult for cannabis businesses to operate efficiently and safely. The Federal status of cannabis as a Schedule I substance is preventing traditional financial and banking institutions from supporting the industry. Finding a financial institution that is willing to provide services to the industry is extremely difficult, at best.
GP's Consolidated Payment Gateway (CPG) and MoneyTrac prepaid solutions will enable MCOA to process membership fees, pay vendors, employees, and affiliates. MCOA members will be able to make purchases using an MCOA branded prepaid card, reducing cash transactions, and enabling online and mobile purchases. This significantly reduces the risk associated with operating a cash-only cannabis business.
Global Payout will provide stable financial solutions for MCOA on a global basis as the Company launches its pilot program in Southern California in Q1 2016, and as it expands to other legal medical marijuana and adult use states, and other countries. The GP solution will provide detailed transaction tracking and reporting to management and regulators that meets requirements for Anti-Money Laundering (AML), Bank Secrecy Act (BSA), Office of Foreign Asset Control (OFAC), Know Your Customer (KYC), and other financial compliance requirements.
GP's financial solutions will enable local, state and federal regulators to monitor all transactions in detail and collect taxes generated on all MCOA and affiliate company activities. Under the current cash only environment that is pervasive in the cannabis industry, governments are unable to fully monitor financial activities and as a result are not collecting all of the taxes that they could be collecting.
GP's technologies will evolve with the changing financial regulations surrounding the cannabis industry, as legislation changes to open traditional financial services to cannabis businesses, GP will adapt to the changing environment. This technology will also help the Company develop its internal controls as it continues to strengthen its internal processes to actualize its aspirations of becoming a fully reporting issuer with the SEC.
GP and its key management team have been providing financial services to large multi-national corporations around the world for more than fifteen years. They have developed highly secure, proprietary financial solutions for underserved industries and cash based consumers previously unable to easily obtain traditional financial services.
"Our payment technology and banking relationships can monitor and report on all parties in the marijuana industry, including consumers, merchants, growers and vendors," said Jim Hancock, Global Payout CEO. "Our goal is to provide these financial services to all domestic and international companies and banks."
Mr. Steinberg, MCOA President said, "Our relationship with Global Payout will continue to build on the strong foundation that is required for a global rollout of this type. With GP technology, we will build a company that is positioned, as an industry leader, for long-term growth with the security of proper financial compliance."
On behalf of the Board of Directors,
President & CEO
About Marijuana Company of America Inc.
Marijuana Company of America ("MCOA") is a publicly traded company headquartered in Southern California. MCOA will distribute marijuana and products related to marijuana as well as CBD and hemp, using a variety of marketing approaches to distribute on a global basis.
About Global Payout, Inc.
Global Payout, Inc. (www.globalpayout.com) is a leading provider of comprehensive, customized electronic payment solutions for domestic, international and multinational businesses, organizations and government agencies worldwide. Global Payout implements payment solutions tailored to a client's specific needs, which may include MoneyTracTM Prepaid Discover cards in the U.S., International Prepaid MasterCard "Chip and Pin" cards and the company's Consolidated Payment Platform (CPG). The company targets an estimated $3 trillion market including the estimated 60-70 million unbanked, under-banked and unhappily banked adults in the U.S. and the estimated 2.5 billion around the world. Global Payout is a public company traded on the OTC Markets under symbol GOHE.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Marijuana Company of America, Inc. to be materially different from the statements made herein.
Marijuana Company of America Inc. will provide management services that enable legal businesses to cultivate, sell, and distribute hemp and marijuana based products within the legal guidelines of individual states and international markets.
For more information, please visit the company's website at: www.MarijuanaCompanyofAmerica.com