Glance Technolgies Inc. has announced that it has received the second payment for the $1,000,000 licence agreement with Cannapay Financial Inc. which provides services to legal marijuana dispensaries.
"Cannapay Financial is building a mobile payment solution for the cannabis industry designed to operate legally within multiple jurisdictions," says Penny Green, President and COO, Glance. "Glance Technologies intends to enable Cannapay to achieve its goal of becoming the leading provider of mobile payment solutions to the cannabis industry worldwide."
Glance has granted to Cannapay a non-exclusive, worldwide licence to white label Glance's mobile payment processing platform and its proven anti-fraud technology, for legal business-to-business and business-to-consumer mobile payments in the marijuana industry, and a right to sub-license for a 50% royalty. Cannapay is currently negotiating with dispensaries in various U.S. states to provide a full payment solution through a mobile app with e-commerce abilities as well as developing and acquiring assets with high growth potential in the cannabis space.
Glance and Cannapay closed the second tranche of the Licence Agreement through the payment by Cannapay of $200,000 as part of the licensing fee, and the purchase by Glance of 4,000,000 common shares of Cannapay at a price of $0.05 per share. The transaction will be recorded as a related party transaction as Glance owns approximately 45% of Cannapay.