Kannaway walks back TranzactCard “strategic partnership”?
After selling its distributor and customer base info to TranzactCard, Kannaway is now walking back its “strategic partnership”.
A new warning advises distributors to keep their Kannaway and TranzactCard marketing separate.
Back in July Kannaway gushed positive about the prospect of its distributors signing up with TranzactCard.
TranzactCard is a great fit for you and Kannaway because it provides additional leverage for your customers and additional income potential for you without interfering with your Kannaway business.
Earlier this month BehindMLM then learned executive Bill Andreoli (right), who’d only been with Kannaway for a year, was ditching the company along with his “executive team”.
Following his appearance on webinars, Andreoli is believed to have accepted an executive position at TranzactCard.
In contrast to its earlier announced “strategic partnership”, Kannaway has now advised distributors;
We want our valued Brand Ambassadors to know that Kannaway is not in partnership or affiliated with TZT, LLC, doing business under the name “TranzactCard”.
Further we do not endorse any of the services or products provided by TranzactCard.
The reason for Kannaway’s backflip is unclear. I suspect however it might be down to a disagreement between Andreoli and Kannaway CEO Tim Scott.
With respect to Kannaway distributors who bought into the announced “strategic partnership”;
If you are considering the prospect of collaborating with TranzactCard, Kannaway recommends conducting your own thorough research and due diligence before making any decisions.
Please be advised that all Kannaway Brand Ambassadors must kindly refrain from maintaining or posting any content related to TranzactCard on your Kannaway associated social media account, as doing so would be a violation of Kannaway’s Policy [sic] and Procedures.
SimilarWeb tracked just ~15,000 visits to Kannaway’s website in September 2023. Parent company Medical Marijuana’s stock price is at half a cent, down from a high of 10 cents in February 2021.
Whether Kannaway folds or manages to turn things around remains to be seen.
Strange things are also going on over at TranzactCard. Yesterday the company ordered its distributors to delete all promotion material for unspecified compliance reasons.
As far as we know, TranzactCard remains scheduled to launch on November 12th.
Update 18th December 2023 – After only a few months as President, Bill Andreoli has left TranzactCard.
An explanation for Andreoli’s departure wasn’t provided.
You are way off on 90% of your Kannaway/Tranzactcard fake news. First, Tranzact is not a typical MLM. It is a hybrid Visa card bank affiliate that will be approved in all 50 states as a franchise opportunity with a major bank.
All information from TZT franchise owners need to comply with Banking Laws and Franchise laws. Therefore all Social Media claims and hustling memberships on line.
Tim Scott and Bill are close friends and are still working together!
Cool. Nobody asked.
Visa doesn’t have affiliates. They provide services to payment processors.
Careful now, falsely inferring or representing any partnership with Visa is likely to get the TranzactCard compliance goon squad after you.
So Tranzact Card has been operating illegally for most of this year?
Till the end of November I believe. Then Andreoli’s contract is up and he’s ditching. He seems to ditch every MLM company he joins.
TranzactCard is not a franchiser nor do they appear to have taken the necessary steps to become a franchiser.
At least 13 States* require franchise registration together with a Federal Trade Commission Franchise Disclosure Document compliant with 16 CFR 436. There is no pending TranzactCard application in any of the States that make their filings public.
Disclosure may be the stumbling block as it requires a franchiser to disclose a great deal of information including CPA audited financials.
At this time, the TranzactCard franchise appears to be aspirational. As TranzactCard says “Banking is Hard” even though TranzactCard is not a bank.
*Franchiser Registration States include California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Rhode Island, Virginia, Washington, and Wisconsin
FTC Franchise Disclosure Document
ftc.gov/system/files/documents/plain-language/bus70-franchise-rule-compliance-guide.pdf
I see the CEO of Tori Belle has signed up and been recruiting her own affiliates to Tranzact, I wouldn’t go anywhere near it.
Funny how Kannaway was the one who was going to buy Tori Belle until the bankruptcy court nixed it, looks like they are in just as much trouble financially. Oh the webs they weave.
Laura Hunter is funneling Tori Belle distributors into TranzactCard? That’s one way to deal with bankruptcy I guess.
Yes she is. She made up a bunch of Lies and tried to recruit them under herself in Hugh & Grace, until she was caught and their CEO offered refunds to Tori Belle Affiliates who were given false promises by Laura.
Then she joined Beauty Society and had Tori Belle Affiliates sign up under her there…. like she blatantly posted a sign up link on the Tori Belle pages for these other MLMs.
She turned the TORI BELLE yearly incentive trip in Punta Cana into a “Laura’s Beauty Society” team recruit – and even invited the CEO of Beauty Society along with her husband to attend.