Global and national acceptance of the cannabis industry is at an all-time high, with cannabis being legal in some form in 47 states, as of 2022. Right now, a wave of favorable cannabis legislation sweeps across the U.S., as evidenced by the House’s passage of the MORE Act, and this is illuminating ancillary needs of cannabis operators, leading to the rise of high-tech solutions and digital payment innovations.
As the cannabis industry is in the midst of a technology revolution, there are a few companies making bold moves to offer simplicity, transparency, safety, and compliance to cannabis operators, dispensaries, and consumers alike.
CannaTrac Offers Cashless Payment Solutions
As cannabis M&A activity heats up and business owners continue to seek alternative ways to streamline the otherwise frustrating financial transaction experience, cashless payments are king. CannaTrac, the leading cashless mobile payment system solution for the industry launched CannaCard in 2019, and is on its way to developing even more simple banking solutions for consumers and retailers alike. CannaCard functions much like ‘the Starbucks app’ of the cannabis world.
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.
CannaTrac stands apart for a couple of differentiators, including:
- Loyalty program that allows consumers to redeem rewards at any dispensary that accepts CannaCard as payment
- Ability to order cannabis ahead of time and pick-up in-store. Ideal for those trying to minimize COVID-19 exposure
- Scan-and-go cashless payments: Safer for consumers trying to avoid COVID exposure through cash and for dispensaries trying avoid holding onto bags of cash
- Interactive map that shows consumers what dispensaries take CannaCard near them. Keeps consumers safe by including only licensed dispensaries
- Connects directly to bank accounts for loading consumer funds
Confia Powers Banking Solutions, Removing Predatory Lending Practices
The industry is burdened with very expensive banking solutions and services; because there is such a high degree of compliance that goes into cannabis transactions, mainstream banks are hesitant to work with cannabis businesses, or often charge sky-high fees to do so. Confia is a financial technology platform enabling, supporting and facilitating the banking side of the cannabis industry beyond the supply chain, so operators can avoid predatory charges.
Typically, the consumer authorizes the payment processor to take funds from their account to then pay the retailer – and the experience stops there. With Confia, the operator has a Confia corporate account so that they can enact transactions affordably and efficiently on the B2B side.
Due to the manual effort in traditional compliance efforts, banks and their partners pass those costs down to cannabis companies. Confia helps solve this problem by applying technology that has been designed and built to specifically support the complexities of cannabis banking.
With compliance baked into every corner, operators can access financial and transactional services at an industry best price. Other solutions include ancillary financial services, like streamlining access to capital and lending, consumer payments, and escrow-based transaction services.
The cannabis industry needs to innovate – and fast – to match the increased consumer demand that accompanies this new pro-cannabis era. We are seeing more efficient grow lights, new cultivation techniques to maximize crop yield and technology offered by the companies above, who are ushering in a new era of technological innovation to bring benefits to consumers, cannabis brands, and dispensaries.
Regrow Offers Compliance and Efficiency in a One-Stop Shop
Cannabis tech startup Regrow is changing the game in terms of innovations and efficiencies. Their real-time software applications replace antiquated planning tools like spreadsheets and old fashioned pen and paper. We’re seeing new cultivation techniques and technology like Regrow’s supply chain management platform emerging in the industry, and helping cultivators gain efficiency.
While competitors are focusing on just one or a few parts of the supply chain, Regrow offers transparency to all parts of the supply chain in real time. By providing true cost per gram for the whole supply chain in one single application, Regrow is a one-stop shop that manages your entire cannabis supply chain but flexible enough to integrate with any existing tools used.
Compliance is a major piece of cannabis cultivation, and often the space where businesses find the most challenges. Regrow considers compliance a mandatory function of supply chain management. The platform includes a robust compliance and risk management system which integrates with all state mandated compliance systems.
Written by: Beth Adan
Founder & Interim Editor of L.A. Cannabis News