PSYC Corporation (PSYC)

[FreddyJ_30]

Vegas Report

First things first, no casino winnings to report. The tables were not kind to this guy, lol.

But anyways, I arrived in Vegas Friday afternoon at the Tropicana and had a Sunday night flight back home so my investigative effort was limited. Now that I'm back home and recuperated, I'll try to note everything I found and experienced. In order of things I did:

1. Friday Night - I visited a competing dispensary offering a payment solution using credit/debit cards

2. Saturday Morning - I visited the MTrac office

3. Sunday Afternoon - I visited Jardin Dispensary


Not in the same order, are my findings:



MTrac Vegas Office

Arriving Friday afternoon, my friends and I decided to hit the strip up and start the fun asap. I wish I would have booked it over to the MTrac office as soon we checked in to the hotel, because they are closed weekends. But Saturday morning, I woke up early and took a 45 minute walk from the Tropicana to get to their office:

5333 S. Arville St. #206 Las Vegas, NV 89118

Location info from GOHE reports:
This office serves as the Company’s sales and marketing, and customer service hub for all merchant sales outside of the Southern California region, in addition to serving as the intended home for the Company’s future customer support call center and is also the registered address for MTrac Tech Corporation. Currently this office is home to 3 of the Company’s employees. The Company is currently under lease agreement through April 30, 2020. The monthly lease amount through the remainder of 2018 is at a rate of $1,677.00 and will increase to $1,760.85 as of January 31, 2019, and to $1,848.89 as of January 31, 2020


So this location is just outside the city. The area is definitely suburban and was surrounded by various small to medium size "blue collar" type businesses. The office building was at the corner of an intersection that had moderately low traffic for whatever that's worth on a Saturday around 11am. The building itself seemed quite lonely and desolate with not much human activity around but maybe that's because of the weekend. Most office doors had no signage and simply had office numbers on them. It was nice to at least see the MTrac signage where our office is to make the company easier to find. The glass on their office is one way so I have no information on what the inside may look like. I'm not sure how many of the offices are empty currently but the building owner is looking to fill more of them up. It looks like a Mexican restaurant recently opened up there on the first floor, so at least our 3 MTrac employees don't have to go far for lunch.














Competing Dispensaries

Friday night, I went to Reef Dispensary since it was closest to me after walking most of the strip that night. It was an impressive operation. After browsing the apparel quickly, I got in line. Everything is behind the counter, and in order to inspect any products you have to speak with someone working there by waiting in line.

As I got closer to the counter, I noticed on a sign that they accept credit cards. After telling the worker what I wanted, I went ahead and used my credit card. What I discovered was that this place uses what appears to be a gift card company called GiVV. You use your credit card to purchase the gift card with a $3 dollar fee to load the gift card with the amount of the sale and then the purchase transaction is completed. The worker there notified me of this before going thru with it and I had to give them my I.D. as well. Outside of that, the experience was pretty close to a normal credit card purchase. BUT, not 5 hours later I received a call and text from my bank reporting a possible fraudulent transaction and to verify the transaction. It was for my purchase at this dispensary and in case your wondering, I had already notified my bank before the trip that I was going to Vegas for the weekend so that my card wouldn't get frozen. I was able to resolve the situation with my bank and didn't lose access to my credit card, but I feel this was important to share. On my statement that transaction appeared as:

GIVV KIOSK GIFT CARDS XX0045 XX3413 CA
May appear on your statement as

GIVV KIOSK GIFT CARDS 619-415-3413 CA


On Sunday, I got to visit the anticipated Jardin dispensary. This location was somewhat smaller than Reefe in size, but made up for it with flare. They are definitely going for that "premium" feel and brand as everything was clean and shiny inside. It must be a Nevada thing, but I had to get in line and wait to speak with someone at a counter to engage with their products.

When it was my turn, I saw it. The MTrac logo on the pin pad. I picked out something small and went through with a purchase with my credit card. As I pull out my card I ask the person servicing me about what they think about this payment solution. They expressed satisfaction with it but did note that they wished it more part of their ecosystem. The person's concern seemed to be an extension of what I feel is a natural and inherit distrust of any "3rd party" service but they were happy about it giving their customers more ways to pay. I wish I could have kept asking questions, but with this line system that dispensaries have in Vegas, I felt I was keeping people in line behind me waiting. I would have prodded more about the frequency of which cards are used and if customers had anything to say about the payment solution.

But back to the purchase. They informed me of a $3.75 fee and then asked me for my name. They swipe my card and show me what it should come up as on my statement (it was not GreenBox, LLC like the MTrac wallet used to show). I forget it now, but it was something like "CBDxxxxxxxx". The purchase has not shown up on my statement yet to show you exactly what it was, but I'll share it when it does. Overall, the experience was more in line with a normal credit card payment and it did not make my bank suspicious of the transaction. The caveat being that it cost 75 cents more.

Just to compare the dispensaries real quick, I definitely got the vibe that Reef is way bigger. They've got exclusive celebrity deals with folks like Wiz Kalifia and their store is built to handle much more traffic. Reef and another store called Planet 13 are closer to the strip and it seems they are incentivizing uber and taxi drivers to drop customers off at their stores who are looking for MJ products - a driver told me this. Just from my short stay there, it seems these 2 dispensaries are swallowing up a lot of the sales from tourists who are looking for bud and are staying in any of the big/popular casino hotels. I hope our team is watching these 2 dispensaries closely and got their owners on speed dial.





Anyways, that's all I got. If you've got any questions for me, let me know.