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On the heels of eight US states legalising recreational or medicinal cannabis last week, CanPay, pitched as the first debit payment solution for the industry, has rolled out in Washington, Oregon and Colorado. It is currently available in 15 retail locations.

Mastercard and Visa are steering clear of marijuana retail businesses until federal law changes and this has created an opportunity for startups like CanPay. “CanPay is the future of payments for emerging industries, and is quickly becoming the preferred method of payment for cannabis businesses and banking institutions alike,” says Dustin Eide, CEO of CanPay. “As more and more states move to legalise medical and recreational cannabis within their borders, the time has come for a legitimate payment solution. With regulations being determined across the newly approved states, we will be expanding CanPay into each market in partnership with those institutions offering compliant banking to cannabis retailers.”

Purchases are made using non-identifiable, single-use, and random payment tokens generated in the CanPay iPhone and Android app. A consumer who wants to pay in this way downloads the app, creates an account and links their checking account, and, upon approval, can begin paying at any participating retailer. The consumer logs into their app at the time of purchase and scans the random token into the retailer’s PoS device. Funds are electronically transferred directly from the consumer’s checking account to the retailer’s compliant bank account.

“We’ve partnered with CanPay because we see similar values between our approaches to helping cannabis retailers,” says Sundie Seefried, President of Safe Harbor Private Banking, a division of Partner Colorado Credit Union. “We both hold transparency, security, and legitimacy as priorities in this emerging market. These businesspeople aren’t criminals, but in some instances, they are still treated as such. CanPay and Safe Harbor are working together to change that.”

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by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
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