Written by: Cassandra Dowell
In the cannabis industry, there is a potential for making a higher profit in cash, and therefore an increased risk and level of uncertainty around ever-changing regulations. And while the climate for cannabis industry investment is improving, cannabis is still federally illegal, making banking access increasingly difficult for these businesses. This creates a breeding ground for predatory lenders and leaves consumers with fear of bringing cash to make purchases; overall hindering the legitimacy of the cannabis industry.
CannaCard Provides Safety for Cannabis Businesses
Cannabis retailers are going to have to adapt in today’s industry landscape, where access to banking remains ever-elusive. When cannabis businesses can access a bank account, often the fees are sky high and practices can be downright predatory. With the cannabis industry forced to back into a corner, innovative companies are offering compliant, safe solutions to help them to operate legitimately and successfully as a bona fide business. CannaTrac is one company offering an alternative with their CannaCard, which has benefits for not only cannabis business, but consumers as well, who can get rewarded simply by making cannabis purchases.
CannaCard Rewards Customers for Purchases
“CannaCard is a value resource for businesses and customers alike. We pull together all the features needed for a smooth and compliant shopping experience,” CEO Tom Gavin told L.A. Cannabis News. “Customers can easily make payments, feel safe, and get rewarded. Retailers can reduce the costs associated with cash while benefiting from the amazing built-in marketing technology present on the CannaCard platform.”
CannaCard’s goal is to promote safety in the booming cannabis industry by removing cash from currently cash-only transactions. Users can download the CannaCard mobile app or use the physical CannaCard to reload and pay in store. CannaCard is HIPPA compliant and all vendors are thoroughly background checked before being added to the platform to ensure the safety of consumers.
More Than Just a Loyalty App
Often compared to a loyalty card like the wildly popular Starbucks app, CannaCard takes the cash out of the equation, removing the risk of smash and grab robberies at dispensaries, or risks consumers face by walking around with a wallet full of cash. By bringing the payment processing into the app, CannaCard lowers banking fees for cash transitions and eliminates the issue of cash storage. Customers keep coming back because the app offers loyalty discounts, geo-tagged deals when traveling, and the card can be used at other retailers – not just dispensaries.
To better understand the rewards and savings that customers are looking for, CannaTrac recently launched a survey to help narrow the focus for advertising, loyalty rewards, and more. In addition to verifying the company’s assumptions about who is buying products, the data also allows CannaCard to partner with local venues or attractions that matter to consumers. Whether it’s live music or community events, CannaCard’s goal is to be helpful and valuable to its users.
The creators of CannaCard understand that this evolving cannabis industry is becoming a lifestyle – not a trend. That is why they have made the app easy to use, intuitive and will soon offer loyalty rewards like concert tickets to celebrate the new normal. This digital transformation of the cannabis industry is sure to take companies in this industry to the next level!
Founder & Interim Editor of L.A. Cannabis News
