Financial tech company Hypur Inc. said Thursday it has partnered with Washington-based Salal Credit Union on a payment and delivery system for cannabis.
Salal members will be allowed to use various cashless and contactless payments and arrange safe pickup via Hypur’s payment and banking platform.
Salal is known as one of the dominant banking and financial services providers in the cannabis industry, working with some of the biggest cannabis dispensaries in the country.
The collaboration comes at a moment when the industry needs it the most. Cannabis has been deemed an “essential business” in many states, and those involved are looking for safer payment and delivery options during the COVID-19 pandemic.
"Cannabis businesses rely on accessible and modern financial and banking resources to help their businesses grow. Establishing long-term relationships with trusted financial partners to better serve our customers and their consumers is critical to Hypur's mission," Hypur Chief Revenue Officer Tyler Beuerlein said in a statement.
"We are excited to continue helping cannabis companies thrive with Salal, which is also known for their trusted operations across compliance, regulations, and risk management."
With many modern, digital payment products, Hypur will back Salal’s cannabis retailer and wholesaler network. What’s more, Hypur will offer contactless payments for several services, providing a special new feature for tipping delivery drivers and budtenders.
Hypur's payment services enhance Salal's ability to help businesses grow, said Brett Ballman, vice president at the credit union.
"Businesses that look to Salal for banking, commercial real estate, or other needs will now also get the added benefits of Hypur's streamlined, safe, and compliant transactions."
Recently, Hypur has also partnered with popular cannabis consumer brand Caliva, enabling Caliva to handle electronic payments.
Related Links:
Cash Payments In Cannabis Largely Driven By Fee Avoidance, Hypur Survey Shows
Photo courtesy of Hypur.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.