Topic: Penny Stocks

Canadian penny stock hopes bitcoin and cannabis will pay off

This Canadian penny stock created a mobile payment application for restaurants that incorporates a variety of useful functions.

The company’s shares soared in 2017 after it made several dramatic moves to add bitcoin and cannabis purchases to its app. However, the stock only began generating revenue last year and is competing in a vast market led by companies like PayPal.

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GLANCE TECHNOLOGIES (symbol GET on the Canadian Securities Exchange; offers Glance Pay, a mobile payment application for restaurants. Through Glance Pay, users can pay their restaurant bills.

Users can also access their records, receipts and rewards. Receipts can be emailed to an accountant or bookkeeper. Glance Pay also aims to provide various tools to restaurants and customers for fraud mitigation.

Through Glance Pay, users can select their payment portion and tip amount, and can confirm their payment amount. Users then receive confirmation of payment and any restaurant rewards points they may have earned. Glance Pay users can also review their payments, transaction and reward history. The company also offers marketing, design and training tools for a range of business startups, packaged goods, Internet-based companies and restaurant chains.

Glance has moved up lately on the news it plans to expand Glance Pay to include bitcoins and online cannabis purchases.

On October 3, 2017, the company announced an alliance with Netcoins Inc., with the aim of giving people better access to both buying and spending bitcoin. Currently it can take many minutes or sometimes hours to complete a bitcoin transaction. Glance hopes to solve this problem by allowing users to convert bitcoins to “Glance Dollars.” They can then be used to make faster transactions using the Glance Pay app.

Penny Stocks: Company aims to sell cannabis in Canada and internationally

On November 30, 2017, the company announced its intention to acquire the blockchain and cryptocurrency rewards platform Blockimpact from Ztudium Limited. Leading blockchain “influencer” Dinis Guarda founded and led that firm. Glance will pay $1.1 million U.S. for Blockimpact. It will pay 80% of that amount when the deal closes and the remaining 20% when Blockimpact is integrated with its Glance Pay mobile payment platform.

On October 12, 2017, Glance also announced that Cannapay Financial, a subsidiary of Glance, had acquired an Ayurvedic wellness product line. Cannapay aims to develop new products and a supporting lifestyle app to promote the beneficial properties of Cannabis and THC.

Ayurvedic medicine treats cannabis as an ancient “miracle” plant. Cannapay intends to partner with licensed producers to create cannabis-infused products to sell in Canada and distribute internationally where it’s legal.

Glance has only recently started to generate revenue. For the three months ended August 31, 2017, the company reported revenue of just $240,130. In the quarter ended May 31, 2017, revenue was $126,527, and in the previous month, $16,564. It lost $1.7 million, or $0.02 a share, in the latest quarter, mostly due to sales and marketing expenses of $1.4 million.

The company has just raised $11.1 million in an issue of 3.7 million units at $3 each. Each unit consists of one common share and a warrant to buy an additional common share at $3.84 for a period of 12 months.

Glance Pay is a tiny start-up in a vast and highly competitive market that includes Apple Pay, PayPal and others. It hopes to expand its potential by moving into the latest “hot” areas: bitcoin and marijuana. This doesn’t inspire our confidence.

TSI Network recommendation: We don’t recommend investing in Glance Technologies.

For our views on how to make right choices in penny stocks, read The top 10 penny stocks in your portfolio will have these characteristics in common.

For our recent report on a Canadian penny stock banking on one big project, read Canadian penny stock banks on high quality ore in uncertain market.


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