CanPay is now available at more than 1,000 participating merchant locations in 31 states across the U.S.
CanPay's app allows consumers to pay for purchases at cannabis retailers with a simple debit from their checking account using the Automated Clearing House (ACH) network. Merchants with a compliant bank account at a CanPay-approved financial institution may join the CanPay network quickly and easily.
Hundreds of financial institutions now bank the cannabis industry, with compliant services available in all state legal markets. CanPay recently exceeded $750 million in transparent transactions in states where cannabis is legal.
"As more states come online in 2023 with legal recreational and medicinal sales – and as more and more financial institutions are choosing to bank the cannabis industry – we're excited to be able to serve even more consumers with fast, free, safe transactions. We're especially proud to be available at more than 1,000 shops nationally, after starting with just three in the Denver area almost seven years ago," said Dustin Eide, CEO of CanPay. "Transparent, simple, low-cost payments are a must in the cannabis industry, and our continued adoption speaks to the strengths of our solution."
CanPay is accepted by 10 of the top 13 public-company, multi-state operators (MSOs). The app's proprietary Purchase Power tool creates custom spending limits, with a maximum daily customer spending limit of $5,000, the highest advertised spending limit in the cannabis industry – and significantly higher than the amount of cash that a customer can withdraw from an ATM at one time.
"Throughout 2022, CanPay experienced significant highlights – from our integration as the sole digital payment solution in Seed and Beyond's advanced cannabis end-to-end enterprise resource planning (ERP) software to our availability at a number of dispensaries on New Jersey's recreational launch day to our near-full adoption in Florida, where virtually 100% of medical marijuana patients have the ability to use CanPay," said Eide. "But we're just as enthusiastic for what this year has in store. We'll be releasing some exciting new developments over the coming months that will add meaningful value for our customers and our merchants."