A Littleton-based company has launched an electronic payment app in three states that aims to take the cash out of the marijuana industry.
CanPay has an app that allows consumers in Colorado, Washington and Oregon to pay for marijuana and marijuana related products electronically. The payments then go directly into the bank accounts of the cannabis retail business.
It’s an attempt to “de-cash” the industry, said Dustin Eide CEO of the new CanPay company, which is already partnered with 15 retailers and a handful of banks who are using the app.
Pot businesses have been turned away from banks for typical business accounts because bankers fear being accused of money laundering and drug trafficking despite it being a billion dollar industry. While use of medical marijuana, dispensaries and recreational marijuana sales are legal in Colorado and other states; they are still illegal under federal law.
Read more at the Denver Business Journal: http://bizj.us/1oyahy
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