Digital credit arrives in the cannabis industry through KindTap

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Cannabis entrepreneurs have another avenue available to explore funding options

The week has been full of good news for the cannabis industry and one of them was the announcement shared by KindTap Technologies. The company has just launched its new digital consumer credit platform, which was created to provide a payment solution that is sorely needed in the marijuana industry, especially since everything is still being handled through cash. While it is true that the industry is waiting for the SAFE Banking Act to finally pass in its entirety, many experts believe that this may not happen anytime soon.

There are currently countless questions swirling around the possible federal legalization of cannabis, so it is clear that there need to be other solutions for banking in the cannabis industry that don’t really depend on an uncertain legislative climate. It may be rainy one day, sunny the next in Congress, and this is clearly not ideal for the growth of an industry that needs solutions sooner rather than later.

With the creation of this new platform, many of those waters can be calmed for the time being, as it employs a digital, credit-enabled and pre-approved payment mechanism that utilizes KindTap’s web-based application, which will be available both online and in-store. It is said that the project will initially launch in Massachusetts territory and will progressively expand to other relevant states such as Florida, New York, Maine, and Michigan.

“Without a form of digital credit payments in the cannabis industry, transactions must be made in cash or via cashless ATM transactions, putting dispensaries, their employees, and consumers at risk,” said Cathy Corby Iannuzzelli, co-founder and chief payments officer of KindTap.

With KindTap’s payment platform, cannabis merchants will be able to accept digital credit payments with certainty. This will provide a huge relief to the marijuana industry as a whole.