Think of it as PayPal for medical marijuana:
CanPay lets patients pay for cannabis prescriptions without carrying cash. It’s made Florida its first statewide market, working with all dispensaries. The payment app is particularly helpful to patients who need delivery, said a spokeswoman for the Trulieve dispensaries.
Many banks will not work with marijuana-related businesses because under federal law cannabis is still illegal. So marijuana transactions can put financial institutions at risk.
Dispensaries pay a 2 percent transaction fee to CanPay, and use a tablet such as an iPad that can scan a single-use code from customers’ cellphones to finalize sales. CanPay uses the ACH network, the same mechanism that allows debit-card purchases to take place at some dispensaries, including Knox.
More than 138,000 patients are qualified with Florida’s Office of Medical Marijuana use to receive the drug. A Knox official said about 5 percent of their patients are using CanPay instead of cash or regular debit cards.
Source – Orlando Sentinel
Image – Forbes
