CanPay Expands Services To Include Cannabis Ecommerce

Debit Payment Solution Now Available in 120 Retail Locations Across 14 States

COLORADO: CanPay, a leading debit payment solution for the cannabis industry, has begun offering ecommerce payment solutions.  In addition to expanding payments online, CanPay has doubled the number of states it operates to 14, including: New York, Pennsylvania, Massachusetts, New Hampshire, Michigan and New Mexico.

CanPay LogoWith the cannabis industry projected to exceed $24 billion by 2025 and over half of the U.S. population in support of legalization, it’s no surprise the marketplace is thriving. As the industry becomes further established, ecosystem partners are primed to play a key role in further legitimizing it, and leading the charge is ecommerce. An influential aspect of any retail business–nearly 80 percent of Americans have made an online purchase–cannabis will be no exception to the overwhelming convenience and profitability of the digital marketplace. As the original ecommerce–payment integration for cannabis customers, CanPay further solidifies itself as the universal payment tool for purchases wherever cannabis is legally sold, enabling online orders for in-store pickup and delivery.

“The Cole Memo being rescinded caused a lot of market uncertainty in the first part of 2018. Now that the dust has settled, we’re seeing more and more financial institutions come forward to serve the industry through compliant cannabis banking programs. We’re also seeing more retail operators demand transparent, stable, and legitimate payment services to operate above reproach,” said Dustin Eide, CEO of CanPay. “The rapid expansion of CanPay’s services to-date is a testament not only to overall industry growth, but the massive need we’re able to fulfill by de-cashing cannabis purchases.”

Historically, ecommerce has not been available to the cannabis industry partially due to the extreme transparency online payment systems require. CanPay’s solution opens the door and creates the opportunity for increased profitability for retailers through more effective online selling and higher spend per transaction. Simultaneously, the buying process becomes more convenient and safer for consumers.

“In forging a new cannabis culture built on unparalleled quality, access, and transparency, we’ve partnered with CanPay to provide customers with a legitimate, secure online payment option,” said Patricia Rosi-Santucci, CEO of Wellness Connection of Maine. “As trailblazers, integrating with CanPay allows us to forge the next wave of cannabis retail through an ecommerce experience that offers customers a greater incentive to go cashless from a convenience and speed standpoint.”

Largest U.S. Banks Host Accounts for Marijuana Businesses, Says American Banker

FLORIDA: A recent study commissioned by industry journal American Banker reveals that the nation’s four largest banks have opened accounts for pot shops and marijuana-related businesses. Conducted by MRB Monitor, a firm that helps financial institutions identify the risks associated with the marijuana industry, the study examined public records in the state of Massachusetts and found that 34 percent of businesses that filed to operate medical marijuana dispensaries in Massachusetts between June 2015 and September 2016 had one or more accounts at Bank of America, Citigroup, Wells Fargo, or JPMorgan Chase.

If a similar pattern of working with the marijuana industry takes hold in Washington D.C. and the U.S. states that have legalized marijuana, the prospect of financial services for cannabis outfits may not be as dire as it at first appears.

Bank of America seems to have been the most accommodating. Over half of the marijuana businesses included in the survey had accounts at the bank, though it previously told the Statesman Journal that, “As a federally regulated financial institution, we abide by federal law and do not bank marijuana-related businesses.”

Guidelines issued by federal authorities in 2014 appeared to have offered financial institutions a legal avenue to provide their services to marijuana-related businesses (MRBs). Back then, the Financial Crimes Enforcement Network (FinCEN), part of the U.S. Treasury Department, provided guidance[3] it said was meant to enhance the availability of financial services for, and the financial transparency of, marijuana-related businesses.

Yet, under the Controlled Substances Act (CSA), it is illegal to manufacture, distribute, or dispense marijuana, and marijuana – like heroin, LSD and ecstasy – remains a Schedule 1 substance under the statute.

In December 2016, U.S. Senator Elizabeth Warren, D-Mass, a member of the Senate Banking Committee, along with nine other senators sent a letter to FinCEN requesting guidance on how banking services might be offered to ‘indirect businesses’ that provide services to the state-sanctioned marijuana industry.

Hopefully, after nomination season comes to a close, a response to that letter will be forthcoming; there’s a lot at stake. As ArcView Market Research wrote, “Cannabis is arguably the fastest growing industry in the world. Regulated marijuana sales in North America totaled $6.9 billion in 2016, a 30 percent increase from 2015. Sales are projected to increase to $21.6 billion by the year 2021 representing a 26 percent compound annual growth rate.”

Small Cannabis Companies Capitalize on Market Growth

NEW YORK: The Cannabis Sector has been heating up for a number of years now. In the past few years, there has been a huge surge in new companies stepping in because of user growth. According to a Gallup poll on August 8th, 2016, one in eight U.S. adults say they smoke marijuana. The report elaborates even further that thirteen percent of U.S. adults currently smoke marijuana, which is roughly up almost double that from 3 years ago. This indication is why small Cannabis companies are trying to capitalize on the sector growth. Medical Marijuana, Inc. (OTC: MJNA), Terra Tech Corp. (OTCQX: TRTC), General Cannabis Corp. (OTCQB: CANN), South American Gold Corp. (OTC: SAGD),CV Sciences, Inc. (OTCQB: CVSI)

Many states along with the current ones that are now legal for medical or recreational use of marijuana have also grown in the past few years. As a result, lots of entrepreneurs and business savvy companies have been trying to capitalize on the market growth.

Small companies are looking to make a name for themselves in this space. The current ones in the public equity markets that have been tremendous attention grabbers are Medical Marijuana, Inc. (OTC: MJNA), their mission is to be the premier cannabis and hemp industry innovators, leveraging their team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. Terra Tech Corp. (OTC: TRTC), operates through multiple subsidiary businesses, including: Blüm, IVXX Inc., Edible Gardens, MediFarm, LLC and GrowOp Technology. Blüm’s retail medical cannabis facilities focus on providing the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions.