Leading Cannabis Payments Platform CanPay Exceeds $500M In Retail Purchases

CanPay, the largest legit payment network for cannabis retailers and consumers, announced that it has surpassed half a billion dollars in transparent transactions in states where cannabis is legal.

CanPay, now used at more than 800 participating merchant locations in 31 states across the U.S., is accepted by 10 of the top 13 public companies and multi-state operators. 

CanPay provides an app that allows consumers to pay for purchases at cannabis retailers with a debit from their checking account. Merchants with a compliant bank account at a CanPay-approved financial institution can join the CanPay network.

"Surpassing $500 million in regulated cannabis purchases is a significant milestone for the CanPay network," said Dustin Eide, CEO of CanPay. "Not only does this validate the desire for transparent, low cost, simple payments in the cannabis industry, it also speaks to the strength of the CanPay community. We started in 2016 with just three shops in the Denver area and a handful of consumers."

Cannabis Banking Still A Problem

State treasurers from across the U.S. participated in a panel this week that focused on federal marijuana banking reform as part of a three-day conference organized by the National Association of State Treasurers (NAST) that attended by stakeholders and congressional officials.

In addition to government and banking officials, representatives of Scotts Miracle-Gro SMG and the American Bankers Association (ABA) attended. The ABA recently released a poll it commissioned showing majority support for marijuana banking reform among Americans.

Banks cannot accept funds from marijuana businesses for fear of criminal liability for "aiding and abetting" a federal crime and money laundering in that marijuana is still categorized as a Schedule I drug, thus keeping the entire billion-dollar cannabis industry out of the country's banking system.

Photo by Giorgio Trovato on Unsplash