PSYC To Exit Cannabis Payments Industry To Redirect Focus on Emerging Psychedelic Market Space
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SAN DIEGO, CA, June 12, 2020 (GLOBE NEWSWIRE) -- Global Trac Solutions, Inc. (OTCPink: PSYC) (“Global” “PSYC” or the “Company”) would like to announce to its valued shareholders and stakeholders that in an effort to more strategically focus the Company’s current growth and expansion initiatives within the burgeoning medicinal psychedelic industry, in addition to adapting to the challenges faced within a changing economic climate, the Company has made the decision to wind down all operations associated with its wholly-owned subsidiary, MTrac Tech Corporation effective immediately.
While the Company contends that this decision was not easy given the success MTrac achieved within the retail cannabis industry over the last year and a half, it believes that in order for PSYC to proceed full steam ahead with its push into the psychedelic space, it must make every effort to dedicate as much of its valuable resources towards the pursuit of this initiative.
“Though this decision comes with an understandably heavy heart, I remain extremely proud and eternally grateful of what we were able to accomplish with MTrac and the MTrac brand,” said Global Trac Solutions, Inc. CEO, Vanessa Luna. “We took an entirely new and innovative form of software technology, branded it, marketed it, and successfully delivered it to an industry in need of it the most. The journey associated with the development, launch and success of MTrac was every bit as exhilarating as it was challenging and there are few words to describe how eternally appreciative I am for the dedication and sacrifices made by everyone who was involved in this along the way. However, in now having a full and complete understanding of the demands, complexities, and exorbitant costs which are required to effectively and compliantly operate a business within a sector of an industry whose regulations are constantly shifting across multiplestates, I believe that it is in our best interest from both a financial and growth perspective to focus entirely on our efforts in the emerging psychedelic space.”
In connection with its decision to wind down operations with MTrac, the Company has mutually and amicably cancelled its exclusive licensing agreement with its former technology partner GreenBox POS and will dedicate the next several weeks towards an effective and efficient phase out of any and all remaining business operations within MTrac.
About Global Trac Solutions, Inc. (OTC Pink: PSYC)
Global Trac Solutions is a diversified holding company dedicated to identifying new and emerging industries. By utilizing our years of business development expertise our diverse team of innovators continuously leverages our experience to effectively execute go-to-market strategies in order to position ourselves for rapid growth through the creation of an evolving business foundation to enhance profitability potential.
Since 2017, PSYC has been a pioneer in the emerging software and payment processing sector of the cannabis industry and has established itself as a trusted resource for businesses operating within the industry. Today, PSYC through its network of partners and affiliates, continues to connect businesses throughout the cannabis industry with critical solutions and services ranging from payment processing technology, cutting-edge software, and ancillary services vital to compliant and effective business operations.
Most recently, PSYC has expressed its intent and commitment to positioning itself at the forefront of the psychedelic revolution and as a resource center for discovering and understanding the latest research and business opportunities surrounding psychedelic inspired medicines. In conjunction with the FDA’s more open-minded approach to psychedelic medicines, and as several major U.S. cities continue to approve the decriminalization of psilocybin, investors are speculating that the psychedelic boom could be bigger than that of cannabis. PSYC is your source for current investment related news specific to psychedelic medicines and cutting-edge research improving overall health, moving this sector into the mainstream.
We believe in a forward-thinking approach that embraces groundbreaking new technology and innovations and through the vision of business development we intend to continue to evolve into these unchartered territories as the industry leaders of the future. We truly are the right TRAC to follow.
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTC Markets.com website.
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