Cannabis is No Longer ‘Cash-Only’ at select Maine Dispensaries
PORTLAND, Maine March 16, 2017 – Wellness Connection of Maine (WCM), the state’s largest medical cannabis operator, now offers members the ability to pay for cannabis without using cash. A new mobile app, CanPay, is the first of its kind technology for the cannabis industry.
Cannabis is legal in 29 states, though the plant remains illegal under federal law. Because of that, the banking industry at-large has not done business within the cannabis industry forcing cash-only transactions. This has created safety and security issues for canna-businesses across the country because of large volumes of cash being kept on premise.
“The creation of a new app within any other industry would be insignificant,” says WCM CEO Patricia Rosi. “However within the cannabis industry, it’s a milestone because of the increased safety that it provides and the legitimacy that it signifies.”
CanPay uses a mobile app, linked directly to a customer’s checking account, to allow cash-free payments within the dispensary. For each purchase, the free app creates a single-use, non-identifiable PIN to ensure privacy and security.
“We’re removing a major pain point for dispensary owners and patients, while providing transparency and convenience in the process,” says Dustin Eide, CEO of CanPay. “Our partnership with WCM provides patients in Maine access to a secure payment option that is safer than cash.”
Medical marijuana has been legal in Maine since 2009. In 2016, Maine voters approved recreational marijuana. The legislature is now working out the details of implementation, which is expected by early 2018. Currently, it is legal to possess and consume recreational marijuana, but not to buy it. The laws surrounding Maine’s medical marijuana program remains intact.
CanPay is currently available at WCM’s Portland location and will soon be available at their dispensaries in Bath, Gardiner and Brewer. To download the app, visit: CanPayApp.com.
Established in 2011, Wellness Connection of Maine (WCM) is the largest provider of medical cannabis east of Colorado. It operates four of the state’s eight nonprofit medical marijuana dispensaries, with locations in Portland, Bath, Gardiner and Brewer.
CanPay: The first debit payment solution for the state regulated cannabis industry, CanPay currently serves businesses in Washington, Colorado, Maine, Florida, and California. Through the Closed-Banking Feedback Loop, CanPay partners with select financial institutions who have developed stable, compliant banking programs specific to the cannabis industry. CanPay allows the convenience of a debit payment while mitigating risks and costs associated with cash transactions.