While most may think that money figuratively grows on trees in the cannabis industry, resolving financial woes in all aspects of the business have proved trying. Typically, all cannabis-related business only accept cash with a few exceptions, as cannabis remains federally illegal, and, therefore cannot be reported by the FDIC. With so much cash involved in these businesses, the industry has been begging for a solution and it may have just found it.
Luckily for dispensaries, consumers, and investors alike, there is a solution to this cash-heavy industry. Since we, as humans, touch our mobile phone more than 2,000 times a day, it only makes sense that an app could prove the saving grace of the cannabis industry.
Thanks to CannaCard®, funds no longer need trees from which to grow. Now, one simply needs to download the app and spend at their favorite dispensary (assuming they have added the system).
Essentially, CannaCard® functions much like the Starbucks app of the cannabis world. The CannaCard™ App can be downloaded for free from Google Play and Apple Store. Consumers can then load their CannaCard® through the app, at participating dispensaries, loading stations, or directly through their online/mobile account using a checking account or even a debit or credit card! The company also plans to provide consumers with loyalty rewards as well as specific menus for each dispensary before going in-store.
“We saw an extreme need for cannabis companies to be able to accept something other than cash. The CannaTrac® team knew that for consumers to adapt to the platform quickly, we would need to model the system after other existing systems,” said newly appointed CEO Thomas Gavin in an email interview. “We aim to serve the cannabis industry as the go-to cashless payment solution. The CannaCard® allows consumers and retailers benefit from the ease and safety of cashless payments.”
Currently the app can be used at a dispensary in Colorado called Kush Gardens, but the company plans on adding retail locations as quickly as possible according to a spokesperson.
We believe this is another example of the cannabis industry legitimizing by adding modern conveniences that other, more well established industry consumers enjoy. Hopefully one day we will all be purchasing our cannabis products as if it was our morning cup of joe.