A digital payments solution is coming to the cannabis space

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AeroPay hopes to give the cannabis industry the missing piece to safer payments

The cannabis industry gains more legal territory across the country as time passes, and yet it has had to rely on the use of cash for years due to the restrictions placed by the federal government on the traditional banking industry. Fortunately, technology has allowed the development of other types of financial entities that are coming up with solutions for this ongoing issue in the cannabis space. Coming soon from FinTech AeroPay is a new digital payment solution for the cannabis industry, according to a press release.

This cashless solution allows both B2B and B2C transactions, and it will provide services to the entire cannabis industry, including in-person and online payments. According to the company, the product will allow “smart bank transfers,” as it comprises the entire cannabis supply chain from cultivation to retailers and drivers. This also means that cannabis companies will be able to provide a contactless digital payment option to their end customers.

“We are committed to providing a safer, more efficient environment for cannabis businesses to operate in,” said Ryan Coffey, AeroPay’s director of business development. He added that the idea came from trying to find a solution for an industry that has relied too much on cash, while the world is already making a solid move to digital payments.

“What makes us unique is we are a traditional financial technology company that also services cannabis businesses,” said Daniel Muller, CEO and founder of AeroPay. “What’s even more exciting is our technology will allow us to partner and integrate with other ancillary cannabis companies to create even further operational efficiencies for the businesses that take advantage of our solutions.” Muller added that he expects to see a boost in the cannabis industry with the implementation of this product.