Largest Cannabis Payments Network Surpasses $1 Billion in Retail Transactions

News provided by

Apr 18, 2024, 09:15 ET

CanPay Now Accepted at More than 1,100 Merchant Locations

LITTLETON, Colo. , April 18, 2024 /PRNewswire/ -- CanPay, the largest legitimate payment network for cannabis retailers and consumers, has facilitated more than $1 billion in consumer purchases at state legal dispensaries. Used by more than 300,000 consumers nationwide, CanPay now serves as the preferred payment platform for approximately 1,100 participating dispensaries.

CanPay's easy-to-use mobile app allows consumers to pay cannabis retailers with a simple debit from their checking account using the Automated Clearing House (ACH) network. Merchants with a compliant bank account at a CanPay-approved financial institution may join the CanPay network quickly and easily.

Customers can also prepay for their cannabis purchases when ordering online or through the app while using CanPay's RemotePay, an advanced ecommerce capability bringing merchants one step closer to a traditional retail experience.

"This milestone validates that merchants and consumers don't need to rely on workarounds for cannabis payments. The CanPay model works, and it's the solution the industry needs. At the same time, we are also proving that there's room for something different, something better than traditional card methods for retail," said Dustin Eide, CEO of CanPay.

In addition to RemotePay, CanPay recently added new bank linking capabilities to its payments platform, enabling a faster, more secure activation process that covers all banking institutions in the U.S. Now when customers sign up through the app, they can easily link their financial institution to CanPay, enjoy instant activation and pay immediately for products.

"As the cannabis industry continues to rapidly grow, we are eager to continue to meet the needs of the cannabis industry through transparent, simple, low-cost payment solutions for merchants and a rewarding, free, easy-to-use experience for consumers. In fact, we have projects in the works that will make the next billion and beyond even better for merchants and consumers," said Eide.

Last year, CanPay launched a first-of-its-kind rewards program for consumers to enjoy daily and after-purchase opportunities to win CanPay Points, which can be used to discount future purchases at any participating retailer. CanPay has awarded over $500,000 in CanPay Points to consumers to date.

CanPay is accepted by 10 of the top 13 public company, multi-state operators (MSOs). The app's proprietary Purchase Power tool creates custom spending limits, with a maximum daily customer spending limit of $5,000. That's the highest advertised spending limit in the cannabis industry – and significantly higher than the amount of cash that a customer can withdraw from an ATM at one time.

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.

Media contact:
Alison Day
[email protected]

SOURCE CanPay