LITTLETON, Colo., Sept. 18, 2018 /PRNewswire/ -- CanPay, the largest legitimate debit payment solution for the cannabis industry, and Safe Harbor Private Banking, the leading compliant banking program for cannabis businesses, have partnered once again, this time providing banking services and cashless payments to Florida's medical marijuana market, which now boasts more than 50 dispensaries and nearly 130,000 patients statewide. Many of the state's licensed cannabis businesses were temporarily operating without access to compliant banking when a financial institution ceased serving the cannabis industry in January.
Industry experts anticipate Florida's burgeoning marijuana industry to reach more than $1 billion in sales in the next few years and through the combined efforts of Safe Harbor and CanPay, those purchases can now be cashless. After the success of their joint launch in Hawaii in 2017, which made banking solutions available to what was previously an unbanked legal medical marijuana market, CanPay and Safe Harbor are back at it again providing medical marijuana businesses and patients in the Sunshine State with a transparent, and free-for-consumers payment service that helps normalize the cannabis shopping experience and drives growth for the state's cannabis market, while increasing safety for everyone.
"As the first state-run marijuana program with 100 percent of operating dispensaries accepting CanPay, it's no surprise that Florida is our fastest-growing market," said Dustin Eide, CEO of CanPay. "And with close to 130,000 registered medical marijuana patients across the state, Florida's need for a safe, convenient and reliable cannabis payment service cannot be overstated. With Safe Harbor's proven cannabis banking program providing Florida's medical marijuana licensees with compliant banking, CanPay can serve all patients across the state, whether they purchase their medicine in the store, via delivery or even online. After the success we've seen in Hawaii through our partnership with Safe Harbor, we're excited for even more continued growth in Florida."
"With more and more states legalizing marijuana in some capacity, the need for a safe, transparent, and stable payment option that removes cash from the transaction has never been greater," said Sundie Seefried, CEO of Safe Harbor. "CanPay offers that solution in a convenient and simple app that medical marijuana patients in Florida are already using with ease. With the success we've seen in Hawaii and now Florida, we look forward to more successful ventures with CanPay as the legalization of the cannabis industry advances into even more new markets."
Safe Harbor banks more than $1 billion in compliant cannabis funds every year. Through the strength of its tested and proven cannabis banking program, Safe Harbor is a leading voice in providing essential banking services to an industry that that has been traditionally off-limits for financial institutions. By accepting CanPay deposits for its own cannabis banking clients, Safe Harbor enables its clients to enjoy the safety, transparency and convenience of cashless transactions enjoyed by nearly all other industries.
CanPay currently provides payment services to cannabis markets in 14 states, plus Puerto Rico, with plans to expand its coverage areas into more states in 2018, including Vermont, Nevada, Rhode Island, Minnesota and Michigan.
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.
About Safe Harbor Private Banking
Safe Harbor Private Banking is a compliance-based banking program for the cannabis industry, and a subsidiary of Partner Colorado Credit Union, a member-owned not-for-profit cooperative with total assets exceeding approximately $400 million. Safe Harbor has served the banking needs of legal cannabis businesses, who otherwise were forced by federal laws to conduct all transactions in cash, and currently banks approximately $100 million per month in cannabis-related funds. Each dollar is validated, transparent and accountable for legitimate licensed entities. Safe Harbor pioneered the turnkey program to help keep communities safer and stay true to the credit union philosophy of "serving the underserved." The program appears in national editorial coverage, including The New York Times, Bloomberg News, Reuters and the Wall Street Journal, and is featured in a groundbreaking book, Navigating Safe Harbor: Cannabis Banking in a Time of Uncertainty, authored by Safe Harbor's CEO, Sundie Seefried. For more information, visit www.safeharborprivatebanking.com.
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