Colorado firm offers non-cash payment solution for Maine’s cannabis retailers

August 29th, 2018 by admin Leave a reply »

CanPay, a Littleton, Colo.-based company that describes itself as ‘the world’s first debit payment app for cannabis retailers,” has launched its cashless payment system in Maine and six other East Coast states that allow for adult use of marijuana.

The company announced Tuesday its launch of debit payment services to 115 cannabis retailers in Maine, Massachusetts, New Hampshire, New York, Pennsylvania, Maryland and Florida. It plans to extend its services within those markets and to Rhode Island, New Jersey and Vermont by the end of the year, according to its news release.

“CanPay’s goal is to be the No. 1 name in cannabis payments, delivering a quick and easy-to-use payment option for cannabis consumers everywhere,” CanPay CEO Dustin Eide said in the release. “By expanding our services throughout the East Coast, consumers from Maine all the way to Florida can make free, secure payments for all of their cannabis needs. East Coast dispensaries are widely adopting CanPay because it allows them to reduce cash on hand and offer their customers a convenient payment experience that is reliable, compliant and transparent.”

CanPay reported that the U.S. cannabis industry is projected to reach nearly $25 billion by 2025, noting that nine states and the District of Columbia now allow the adult use of of marijuana. Thirty more (including Maine) have legalized cannabis for medical use, the company stated.

“Even more states are planning to legalize and decriminalize marijuana in some capacity in the years to come,” the company stated. “CanPay is poised to utilize