LITTLETON, Colo., May 17, 2018 /PRNewswire/ -- CanPay, the first legitimate debit payment solution for the cannabis industry, today announced it processes ecommerce payments, bringing greater convenience, safety, and efficiencies to retailers and their customers. In addition to expanding payments online, CanPay has doubled the number of states it operates in nationwide to 14, including New York, Pennsylvania, Massachusetts, New Hampshire, Michigan and New Mexico, serves 10's of thousands of users across 120 retail dispensaries, and integrates with leading POS systems OMMPOS and LeafLogix.
With the cannabis industry projected to exceed $24 billion by 2025 and over half of the U.S. population in support of legalization, it's no surprise the marketplace is thriving. As the industry becomes further established, ecosystem partners are primed to play a key role in further legitimizing it, and leading the charge is ecommerce. An influential aspect of any retail business–nearly 80 percent of Americans have made an online purchase–cannabis will be no exception to the overwhelming convenience and profitability of the digital marketplace. As the original ecommerce–payment integration for cannabis customers, CanPay further solidifies itself as the universal payment tool for purchases wherever cannabis is legally sold, enabling online orders for in-store pickup and delivery.
"The Cole Memo being rescinded caused a lot of market uncertainty in the first part of 2018. Now that the dust has settled, we're seeing more and more financial institutions come forward to serve the industry through compliant cannabis banking programs. We're also seeing more retail operators demand transparent, stable, and legitimate payment services to operate above reproach," said Dustin Eide, CEO of CanPay. "The rapid expansion of CanPay's services to-date is a testament not only to overall industry growth, but the massive need we're able to fulfill by de-cashing cannabis purchases."
Historically, ecommerce has not been available to the cannabis industry partially due to the extreme transparency online payment systems require. CanPay's solution opens the door and creates the opportunity for increased profitability for retailers through more effective online selling and higher spend per transaction. Simultaneously, the buying process becomes more convenient and safer for consumers.
"In forging a new cannabis culture built on unparalleled quality, access, and transparency, we've partnered with CanPay to provide customers with a legitimate, secure online payment option," said Patricia Rosi-Santucci, CEO of Wellness Connection of Maine. "As trailblazers, integrating with CanPay allows us to forge the next wave of cannabis retail through an ecommerce experience that offers customers a greater incentive to go cashless from a convenience and speed standpoint."
CanPay is the first debit payment solution for the state regulated cannabis industry, currently serving consumers and businesses in Washington, California, Colorado, Maine, Florida, Oregon, Hawaii, Maryland, Massachusetts, New Hampshire, New York, Pennsylvania, Michigan, and New Mexico. Through the Closed-Banking Feedback Loop, CanPay partners with select financial institutions that have developed stable, compliant banking programs specific to the cannabis industry. By delivering a traditional and legitimate electronic payment solution to this growing yet highly-regulated industry, CanPay allows retailers and customers the convenience of a debit payment while mitigating risks and costs associated with cash transactions. To learn more about CanPay, visit www.CanPayDebit.com.