Hawaii is the first state to make a major push for cashless cannabis payments. In September, Gov. David Ige and state finance institutions commissioner Iris Ikeda said CanPay, via an agreement with Safe Harbor Private Banking, will process sales transactions at retail dispensaries in the state.
CanPay, a debit payment service, offers a payment method beyond cash. It facilitates electronic payments between consumers and retailers in highly-regulated and emerging markets, such as the cannabis industry. Finance institutions affect be part of the CanPay network and merchants with a banking accounts at one of those institutions can accept CanPay debit transactions from customers who may have enrolled for any CanPay debit account.
Still “near e-commerce” remains the norm in numerous areas, and it also still offers benefits over bricks-and-mortar such as online price comparisons, a wider selection, delivery and ordering online ahead for faster pickup in a dispensary, Brochstein says.
In California, Eaze, Meadow and GreenRUSH Delivery all in various ways connect dispensaries with consumers using the web. Getmeadow.com, for instance, is surely an on-demand directory connecting patients to dispensaries for cannabis delivery. Additionally, it operates Meadow MD, a telemedicine platform connecting patients to physicians for online evaluations for marijuana edibles for sale.
In 2016 Getmeadow launched Meadow Platform, a software-as-a-service platform for California dispensaries to offer cannabis retail sales and delivery. It contains tools for inventory management, analytics, on the web and mobile ordering, delivery tracking and logistics, compliance and patient intake.
Eaze, meanwhile, which launched in 2014 and bills itself as being a marijuana technology company, connects cannabis product brands, dispensaries and doctors to customers using the web through its site and app.
To utilize the service, a consumer must register with her email and phone number and submit a picture of her ID to confirm her age. Eaze then texts her back once approved and she will order her goods for delivery, although she must pay when the product is delivered. The service, which started for medical marijuana users, connecting consumers with doctors and offering online medical forms, says it offers amassed 350,000 users in California. A similar service, called GreenRUSH, also collects payments on delivery.
Marijuana delivery is preferred among fans from the herb. In its Eaze Insights: 2017 State of Cannabis data report released today, Eaze says it delivered marijuana every 10 seconds in 2017, a 200% increase over 2016, if it was delivered every 30 seconds. The report is founded on a survey of 15,000 consumers and Eaze’s database of 350,000 consumers. An Eaze spokesman says it’s too soon for Eaze to discuss data on purchases through its site since cannabis was was made legal for recreational use within California on Jan. 1 .
“After Californians voted for adult [recreational] use within November 2016, many consumers shifted their mindset and have become more open to using cannabis to boost their everyday lives,” says Jim Patterson, CEO of Eaze. “Americans are becoming better educated regarding the wellness benefits available from cannabis. As prohibition ends as well as a new era of marijuana emerges in 2018, we’ll see increased awareness drive diverse product adoption among new teams of people and then change lives for the better.”
“When federal law changes, this may modify the game entirely,” Canto says. “At that time, the distribution side from the industry will come out and flourish.” Federal law still prohibits marijuana sales.
The patchwork of marijuana laws, however, doesn’t stop the growers and sellers from sharing information regarding their products and services. Cannabis sellers can market their goods online via marketplaces like MassRoots. The cannabis rfvtdy has a lot more than 1.5 million app downloads along with its website has hundreds of thousands of page views every month, says a MassRoots spokeswoman. Consumers are able to see prices, find dispensaries near them, read reviews on different cannabis strains, and browse which symptoms the plant aids, like lower back pain, nausea or epilepsy.
“If it were legal to market cannabis on the internet and ship it, it might open up a whole new revenue channel and likely significantly accelerate our growth,” the MassRoots spokeswoman says.
Whilst the National Cannabis Industry Association’s West is certain businesses would like to sell products right to consumers online, the cannabis sector is extremely regulated and the majority of the association’s clients are centered on other priorities. Those priorities include legalization, taxation easement, open banking access for proceeds-as currently there is absolutely no law protecting financial service businesses that provide services to marijuana-related legitimate business and several cannabis sellers have trouble receiving and maintaining use of accounts-and clear digital marketing rules, she says.