The cannabis industry is rapidly expanding, and with the stigma surrounding legal cannabis largely diminished, some of the ancillary parts of cannabusinesses are starting to take shape.
But despite its prevalence in mainstream society, some within the industry have had trouble in one major aspect of retail— the transport of funds.
Whether it’s the storage, transfer or vehicular transportation of money, the industry has struggled to sort out its “money” situation. And it’s no secret that the money has been plentiful thus far.
Luckily for businesses, one company aims to solve the industry’s lingering payment problems through a debit system of their own. CanPay, hailed as “the first legitimate debit payment solution for the cannabis industry”, is set to expand to the East Coast, where more and more states are following in the footsteps of the thriving West Coast marijuana industry.
How Does CanPay Work?
CanPay’s main goal is to become the cannabis industry’s first universal payment tool. With thirty states and the District of Columbia currently allowing legal marijuana in some form, the need for a debit-based system becomes imperative for the sector’s growth.
On Tuesday, CanPay announced their expansion to the East Coast in a company press release.
“CanPay’s goal is to be the number one name in cannabis payments, delivering a quick and easy-to-use payment option for cannabis consumers everywhere,” CanPay’s CEO, Dustin Eide, said in the release. “By expanding our services throughout the East Coast, consumers from Maine all the way to Florida can make free, secure payments for all of their cannabis needs. East Coast dispensaries are widely adopting CanPay because it allows them to reduce cash on hand and offer their customers a convenient payment experience that is reliable, compliant and transparent.”
Legitimizing the Cannabis Industry
Currently, most cannabis transactions are done primarily through cash, as marijuana is still considered a Schedule I narcotic through the Federal Government, thus making credit companies, banks, and other federally-run institutions hesitant to work with weed-based companies.
Patricia-Rosi Santucci, the CEO of Wellness Connection of Main, said in the press release that CanPay not only makes transactions more convenient for both businesses and its customers, but it adds legitimacy to an industry largely overshadowed by lingering prohibition.
“Leveraging CanPay’s technology to provide cannabis consumers here in Maine with a safe and trusted way to go cashless was the next, most logical step in the continued evolution of our business,” said Rosi-Santucci. “Our customers now have the freedom to make electronic payments at our dispensaries and through our website, just like they would pay anywhere else. And that convenience has not only helped to increase the volume of business we receive, but it’s also normalized how we conduct business by enhancing the safety of both our employees and customers.”
Where Can You Find CanPay?
Essentially, you can use CanPay anywhere that pot is legal. However, not every licensed retailer is signed up for CanPay—the company site lists exactly which cannabis businesses are CanPay-compatible on its website.
In addition to serving retailers throughout Washington, Oregon, California, Colorado, Arizona, New Mexico, Texas, and Hawaii, the company will now be providing debit payments throughout 115 additional east coast retail locations across New York, Pennsylvania, New Hampshire, Massachusetts, Maine, Maryland and Florida.
The company also hopes to introduce their system in Rhode Island, New Jersey, and Vermont before the end of 2018.
“By expanding our services throughout the East Coast, consumers from Maine all the way to Florida can make free, secure payments for all of their cannabis needs. East Coast dispensaries are widely adopting CanPay because it allows them to reduce cash on hand and offer their customers a convenient payment experience that is reliable, compliant and transparent,” Eide said.