Novel payment platform for the cannabis industry continues to find acceptance

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CanPay is giving cannabis companies a way to do business as banks remain off-limits

The marijuana industry, unfortunately, continues to suffer from various financial problems due to the lack of access to traditional banking. Several efforts (SAFE Banking Act) have been on the table in Congress, but the movement seems to be extremely stalled. This has prompted platforms like CanPay to come to the rescue and facilitate the way consumers can purchase their favorite products. This legitimate payment network for marijuana retailers and consumers is now available at more than 1,000 participating merchants in 31 states across the country.

By simply debiting your checking account using the automated clearinghouse network, CanPay offers consumers an easy way to purchase products at retailers across the country. Merchants who want to access this application simply need to open a compatible bank account at a CanPay-approved financial institution.

Since its launch with the goal of facilitating the buying and selling of marijuana in the industry, CanPay has surpassed $750 million in seamless transactions in states where marijuana has already received the go-ahead. This highlights the clear acceptance that the platform has been having in different parts of the country, benefiting both the consumer and the retailer who wants to provide ease of payment and leave behind the risks involved in handling large amounts of cash in the store.

“We’re excited to be able to serve even more consumers with fast, free, safe transactions. We’re especially proud to be available at more than 1,000 shops nationally, after starting with just three in the Denver area almost seven years ago,” stated Dustin Eide, CEO of CanPay. “Transparent, simple, low-cost payments are a must in the cannabis industry, and our continued adoption speaks to the strengths of our solution.”