12 Dec, 2017, 08:00 ET
LITTLETON, Colo., Dec. 12, 2017 /PRNewswire/ -- CanPay, the first legitimate debit payment solution for the cannabis industry, today announced its entrance into Maryland's newly instituted medical marijuana market. CanPay provides Maryland patients with a convenient, secure, and transparent alternative to the cash-only system typically found in the legalized cannabis industry. Initially, CanPay will be available at more than 10 statewide dispensaries set to open their doors in the coming months.
Maryland marks the 8th state-legal marijuana market where CanPay's network of compliant cannabis banking institutions and compliant dispensaries are enabling safer and more transparent purchases through the CanPay mobile app for patients and recreational customers.
"In an industry that's projected to hit almost $7 billion dollars by 2018, it's essential to have a trusted means of electronic payment for businesses and patients alike," said Dustin Eide, CEO of CanPay. "By being a part of Maryland's medical marijuana community, our goal is to have CanPay's cashless services available at every dispensary statewide in order to help promote a safer and more secure marketplace."
CanPay enters Maryland's medical marijuana marketplace with the concerted effort of participating area dispensaries, to enhance the safety of their employees and patients by offering an electronic payment option that makes paying at a dispensary like paying anywhere else.
"As an organization that is dedicated to promoting the common interests of medical cannabis dispensaries in Maryland, accepting CanPay is an obvious choice," said Dr. Michael Chiaramonte, President, Maryland Medical Dispensary Association (MDMDA) and owner of Haven dispensary in Brandywine, MD. "Safety and security are at the forefront of our mission, and that includes reducing the risks associated with cash."
"It was extremely important to me to be able to launch our business the right way, both with a compliant banking program and legitimate payment service," said Bryan Hill, owner of Charm City Medicus in Baltimore and Director of Government Relations for MDMDA. "CanPay not only makes secure purchases possible, but it's also a convenient and familiar choice for myself, my employees and my customers alike to all feel comfortable using."
Since launching in November 2016, CanPay continues to expand its reach as the largest legitimate payment provider to cannabis businesses, serving close to 100 dispensaries in 8 states and offering consumers a quick, free, and secure alternative to the cash-only model dictated by contrasting federal and state regulations.
Patients and consumers can download the CanPay app by visiting CanPayApp.com and can then setup their account in the app or on the CanPay website. To ensure privacy and security, all purchases are made using non-identifiable, single-use, and random payment tokens generated in the CanPay App. 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, California, Colorado, Maine, Florida, Oregon, Hawaii and Maryland. 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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