We’ve reported extensively about the issues that medical cannabis dispensaries and recreational retail locations face when it comes to customers paying for the products they want to buy. Despite all of the progress we’ve seen in the legal cannabis industry, most banks and credit card companies, such as MasterCard and Visa, still continue to steadfastly refuse to do business with retailers due to ridiculously antiquated federal prohibition laws. We’ve also reported on how the cannabis industry is seeing new niche markets emerge rapidly, and the financial sector of the industry is no different.
A new startup is helping to solve the issues cannabis retailers face when it comes to accepting payments, creating a new debit card that makes it much easier for customers to buy legal cannabis products. The company is CanPay. As of right now, CanPay debit cards are available in Washington State, Oregon and Colorado. States such as Maine, Nevada and California who have recently legalized recreational use should also see the CanPay card available to them, should federal restrictions remain in place when their state programs are initiated. Until the federal government finally gets around to changing the laws, apps such as CanPay will reduce a lot of headaches and frustration when it comes to customer payment. Not to mention, the customers should love it because they can avoid ATM fees associated with taking out cash to pay for their legal weed. The CanPay debit card gives customers a QR code on their smartphones that lets them pay for their purchases.
This new technology could be huge for cannabis retailers. As you already know if you’re a Marijuana Times reader, the legal cannabis industry has grown exponentially over a few short years and will only continue to grow as more and more states legalize adult use and medical marijuana.
Have you used CanPay or an app that’s similar to it to purchase your legal cannabis? What are your thoughts on it? Did it help and was it worth it to use, or would you prefer to just pay for your products with cash? Let us know in the comments section.
This article is for entertainment and discussion purposes only and is not intended to provide business or customer service advice. Neither the author nor The Marijuana Times hold any position in the companies mentioned.