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Global Payout, MoneyTrac Technology merging to develop cannabis e-banking system

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Global Payout, MoneyTrac Technology merging to develop cannabis e-banking system

Global Payout Inc. and MoneyTrac Technology Inc. have entered into a reverse triangular merger agreement, whereby MoneyTrac will be the post-merger operating entity.

Global Payout, a provider of prepaid payment solutions for domestic and international organizations distributing money, currently holds an 18% ownership stake in MoneyTrac, which provides electronic banking solutions for the cannabis industry.

The company has signed a software licensing agreement with GreenBox Pos LLC to develop a blockchain technology-supported payment system targeted at cash-heavy businesses.