Florida has become the first state in the U.S. to see 100% adoption of a cashless payment solution for the state’s growing medical marijuana market.
The system is called CanPay. The company sees itself as a banking solution for cannabis dispensaries and customers. CEO Dustin Eide spoke on Wednesday’s First Coast Connect about how it works.
“It's free to use, highly secure and allows patients to make purchases without getting cash from ATMs,” said Eide of CanPay, which so far has been adopted in 100% of cannabis dispensaries in Florida.
“CanPay works on the ACH (Automated Clearing House) network instead of Visa or Mastercard services, Those cards have prohibited transactions on their network. So we used a banking network of complying financial institutions to build our own debit network that allows patients to download the CanPay app, set it up and link it directly to their checking account at any U.S. institution. When they go in to the dispensary or for delivery, in the Florida market, they can use CanPay and that money will transfer from the patients checking account to the dispensaries checking account, similar to any other debit card they might use.”
Additional information on CanPay is available here here.