LITTLETON, Colo., Aug. 28, 2018 /PRNewswire/ -- CanPay, the first legitimate debit payment solution for the cannabis industry, has spent the last several months rapidly expanding its presence in new U.S. medical marijuana markets, bringing greater convenience, safety and transparency to cannabis retailers and their customers in states across the East Coast. CanPay's reputation for stability, accessibility and ease-of-use enabled the launch of its services to 115 cannabis retailers in New York, Pennsylvania, New Hampshire, Massachusetts, Maine, Maryland and Florida, with the goal of extending CanPay's services within these markets and to Rhode Island, New Jersey and Vermont before the end of 2018.
Today, nine states and the District of Columbia allow for the adult-use of marijuana. Thirty more have legalized cannabis for medical use and even more states are planning to legalize and decriminalize marijuana in some capacity in the years to come. With the U.S. cannabis industry projected to reach nearly $25 billion by 2025, CanPay is poised to utilize its nationwide compliant cannabis banking network and industry-leading position to become the universal payment tool for consumers and patients whenever and wherever they can legally purchase cannabis.
"CanPay's goal is to be the number one name in cannabis payments, delivering a quick and easy-to-use payment option for cannabis consumers everywhere," said Dustin Eide, CEO of CanPay. "By expanding our services throughout the East Coast, consumers from Maine all the way to Florida can make free, secure payments for all of their cannabis needs. East Coast dispensaries are widely adopting CanPay because it allows them to reduce cash on hand and offer their customers a convenient payment experience that is reliable, compliant and transparent."
"As one of the fastest-growing cannabis companies in the U.S., we needed a stable and safe payment option for our customers and a solution to help decash our operations. CanPay was the indisputable choice to allow us to deliver against these goals across our portfolio of Curaleaf dispensaries," said Gretchen McCarthy, VP of Dispensary Operations at Curaleaf, a vertically integrated medical and wellness cannabis retailer operating in 10 states. "Armed with CanPay's compliant and transparent payment service, we've empowered our employees and patients in New York, Massachusetts, Maryland and Florida to participate in a safer cannabis marketplace, and we're looking forward to continued business growth as a result of our partnership with CanPay."
"Leveraging CanPay's technology to provide cannabis consumers here in Maine with a safe and trusted way to go cashless was the next, most logical step in the continued evolution of our business," said Patricia Rosi-Santucci, CEO of Wellness Connection of Maine. "Our customers now have the freedom to make electronic payments at our dispensaries and through our website, just like they would pay anywhere else. And that convenience has not only helped to increase the volume of business we receive, but it's also normalized how we conduct business by enhancing the safety of both our employees and customers."
Launched in November 2016, CanPay continues to expand its reach as the largest legitimate payment provider to cannabis businesses, offering consumers a quick, free and secure alternative to the cash-only system typically found in the legalized cannabis industry. As the U.S. cannabis industry continues to grow, CanPay has its sights set on launching operations in the East Coast states of New Jersey, Rhode Island and Vermont next, with compliant cannabis banking relationships in those states already in place.
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, Arizona, New Mexico, and Puerto Rico. 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.