AeroPay continues to help the cannabis industry gain access to online payment solutions

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Limited access to traditional banking channels has paved the way for payment innovation

When marijuana producers began to show profits back a few years ago, they were both surprised and frustrated when they went to the bank with a sizeable amount of cash, only to have the equally frustrated bank officer tell them that the bank could not accept their money because they were in the cannabis business, which is still illegal under federal law.

This has led to the creation of alternative payment channels for the cannabis industry, and AeroPay has been driving much of the growth. Blackbird, an established cannabis software and delivery company, has hooked up with digital payments platform AeroPay to form a strategic partnership with the objective of creating a platform to enable cannabis businesses to accept cashless operations.

Banks are beholding to federal laws. Even though some cannabis business were now worth millions of dollars and listed on the stock exchange, the bankers claimed that their hands were tied. No credit or debit cards and no online transfers were possible for the same reasons. It was and remains a problem. Cash transactions were acceptable when the volume was relatively small; however, it soon came to pass that truckloads of cash were necessary for some transactions.

The new partnership integrates Aero Pay’s payments platform into Blackbird’s marketplace. Tim Conder, the CEO and co-founder of Blackbird, said in a recent interview, “Cash payments have dominated the retail cannabis retail consumer experience until now.” “As licensed cannabis operators, we know the benefits of moving toward cashless payments but also understand the challenges with banking as a cannabis business.”