CanPay Partners with CannaPlan to Facilitate Cannabis Employee Benefits Program

News provided by

May 22, 2024, 11:15 ET

CannaPlan Enables Employers to Offer Cannabis Benefits to their Employees for Physician Appointments and Purchases at Dispensaries that Accept CanPay

LITTLETON, Colo., May 22, 2024 /PRNewswire/ -- CanPay, the largest legitimate payment network for cannabis retailers and consumers, has announced a partnership with CannaPlan, an employee benefits platform for employers to provide funding for their employees' cannabis purchases. With the partnership, CanPay will enable the use of CannaPlan funds to offset the costs of their purchases at cannabis dispensaries.

CanPay provides an easy-to-use app that allows consumers to pay for purchases at cannabis retailers with a simple debit from their checking account using the Automated Clearing House (ACH) network. Now, consumers with CannaPlan membership through their employer will be able to use the CanPay app to apply their monthly CannaPlan benefits to cannabis purchases at dispensaries.

The first-of-its-kind partnership is possible due to CanPay's unique payments network, which is the largest in the cannabis industry with more than 300,000 users and over 1,100 dispensaries across 34 states that accept the mobile payment app.

"Most insurance companies are either unable or unwilling to offer medicinal cannabis benefits to employers. CannaPlan is working to solve an issue for employees and employers – much like CanPay solved the issue of legitimate, stable payments for cannabis – by bridging the gap between employer-funded healthcare prescriptions and medicinal cannabis. We're thrilled to be able to support CannaPlan by providing the no-cost digital payments platform for its users to apply their benefits when purchasing medicinal cannabis," said Dustin Eide, CEO of CanPay.

CanPay alerts CannaPlan members when their funds are available. Members can then convert their CannaPlan funds into CanPay Points, which can then easily be used to help pay for their purchases using the app at dispensaries. The service comes at no cost for CannaPlan members. Merchants can expect to see increased spending at their dispensaries, with no additional cost to them.

"CanPay is the only payments network large enough, and sophisticated enough, to facilitate CannaPlan's employee benefit program at medicinal cannabis dispensaries. By helping employers offset the cost of medicinal cannabis for their employees, we aim to reduce prescription drug costs for companies, saving money on future premium increases. Alongside these potential cost savings, top-notch employee benefits work to attract and retain top talent, especially in high turnover industries," said Stew Baskin, CEO at CannaPlan.

CannaPlan offers employers the opportunity to support their employees by covering medical cannabis physician consultations and medications. This new approach to employee wellness can help employers reduce future pharmaceutical plan costs and stand out to prospects.

"There's really no other payments network in the cannabis industry that can do this. It's not often that you can announce a win-win-win-win-win scenario, but that's what we have here, given the wonderful benefits for employees, employers, merchants, CannaPlan and CanPay," added Eide.

Merchants with a compliant bank account at a CanPay-approved financial institution may join the CanPay network quickly and easily, allowing consumers to use their CannaPlan benefits at their dispensaries. CanPay Points are also part of the CanPay Rewards Program, which allows consumers to spin a wheel to win points for discounts on future purchases using the app.

About CanPay
CanPay offers a payment solution for the state regulated cannabis industry and other emerging markets. CanPay started with one goal – to bring traditional and legitimate electronic payment solutions to highly-regulated industries. We've spent years learning about the unique challenges that face consumers and retailers in these industries and used that experience to design CanPay as the stable payment solution they can rely on. With over 30 years of industry experience, the CanPay team of payments professionals is building a proprietary network of consumers, retailers, financial institutions, and specialized technology providers that make payments at regulated businesses just like payments everywhere else. For more information, visit https://www.canpaydebit.com.

SOURCE CanPay