CanPay helps medical marijuana patients pay for their purchases in a more secure way. There’s no cash to carry. The app can be used to make a purchase at any dispensary in the state.
Patients requiring delivery find CanPay to be even more convenient, according to the Orlando Sentinel. A transaction fee of 2-percent is charged to dispensaries. Sales are finalized by scanning a code from the patients’ cell phone.
Victoria Walker, spokeswoman for Trulieve, said, “If they can’t leave their house to get to our store, it’s also difficult for them to leave their house to get cash.”
Cam Martin of Knox Medical said, “Obviously we’d like to be able to access credit cards as we move along, but it’s not a big deal because with this we have three options.”
Dispensaries can obtain bank accounts with Automated Clearing House network banks. CanPay is able to work with all dispensaries within that network to make sure the money reaches their checking accounts. Dispensaries that are within this network are also able to accept debit cards for purchases.
CEO Dustin Eide said, “It’s very much like the debit cards used by major brands, but we built our own system.”
With Florida’s program being rather small with fewer license holders, it was an ideal platform for the app to operate in.
Eide said, “It’s easier to have a conversation with five or 13 licensees than 300 or 400 like some other states have. It’s really unique for patients because they can sign up for it as a payment base, and use it whenever they want to shop.”
Martin said, “We found our patients in Orlando to be a lot more in tune with CanPay than in Gainesville.”
The U.S. Treasury Department released data in March showing that 411 banks and/or credit unions are willingly working with marijuana businesses nationwide.
Eide said, “The banking issue is being solved by local banks and credit unions around the country even as the laws stand. Credit cards, when they do enter the industry, when things level out, will consider this a high-risk industry, highly regulated, and they’ll be at 3 or 4 percent if not more expensive. If we have a wide customer base, we can continue to offer CanPay.”