LITTLETON, Colo., June 29, 2017 /PRNewswire/ -- CanPay, the first legitimate debit payment solution for the cannabis industry, today announced its availability to dispensary owners, customers, and patients in Oregon's recreational and medical cannabis marketplaces. Dispensaries in the state are now able to offer a secure, legitimate, and transparent alternative to the current cash-only system for both in-store and delivery purchases. Initially, CanPay will be available at seven dispensaries across Portland, Oregon City, and Eugene.
"Oregon is another pioneer in the wave of legalization, which makes it a terrific market for us to introduce a more secure and convenient way to pay for cannabis," said Dustin Eide, CEO of CanPay. "In 2016, Oregon dispensaries sold more than $241 million worth of cannabis products. When operating in a cash-only model, the risk to consumers, store employees, and owners increases exponentially. Introducing CanPay is a step to reduce risk and normalize the payment experience in the cannabis industry so it's the same as shopping everywhere else."
Patients and consumers can download the CanPay app by visiting CanPayApp.com to set up their account, which links directly with their existing checking account. Each time the user signs into CanPay on their mobile device, a secure, single-use payment PIN is generated that includes no personal identifiable information and is scanned at the time of purchase by the dispensary's point of sale device. Funds are electronically transferred funds directly from the user's checking account to the retailer's bank account.
"Operating as a cash-only business is difficult for our stores and inconvenient for customers," said Geoff Sugerman of Groundworks Industries, the parent company of Electric Lettuce and Serra retail outlets, which have adopted CanPay at their Portland, Oregon City, and Eugene locations. "CanPay's platform helps us expand our already great level of service to our customers by ensuring they have multiple options to pay while at the same time helping us increase the overall security of our business."
Since launching in November 2016, CanPay has expanded to five states and more than 40 dispensaries, offering consumers a quick, free, and secure alternative to the cash-only model dictated by contrasting federal and state regulations. Retailers and dispensary owners can find out more by visiting the CanPay website: www.CanPayDebit.com/retailers.
CanPay is the first debit payment solution for the state regulated cannabis industry, currently serving consumers and businesses in Washington, Colorado, Maine, Florida, and Oregon. 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.
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