Abaca announces partnership with CanPay
Contactless Payments Now Available at Participating Dispensaries in Arkansas, Oklahoma, Missouri and North Dakota
Two leaders in cannabis financial technology – Abaca and CanPay – announce a partnership that will enable safer, contactless payments to cannabis consumers at dispensaries in several states.
Effective immediately, Abaca’s cannabis banking clients can deploy Colorado-based CanPay’s app at their retail locations, enabling them to accept contactless payments at the point of purchase and on deliveries – a crucial safety measure in the age of COVID-19.
“Cash poses many safety risks for businesses, not the least of which is the fact that the coronavirus can live on it for up to four days,” says Abaca CEO Dan Roda. “In our home state of Arkansas, Governor Asa Hutchinson specifically recommended that businesses adopt a form of contactless payment in order to help prevent the spread of the coronavirus. Our new partnership with CanPay allows participating dispensaries to do exactly that.”
CanPay CEO Dustin Eide developed the technology to bring electronic payment solutions to highly regulated industries like cannabis. Customers download the CanPay app and create an account that is linked to their checking accounts. When customers shop at participating dispensaries, the money transfers from their account to the merchants’.
“Through our partnership with Abaca, CanPay’s contactless payment app will be available to dozens of dispensaries overnight,” says Eide. “In light of the ongoing pandemic, these essential businesses and their patients deserve access to safe, secure, touchless payments and we are honored to serve them in this way.”
Grassroots Companies, in partnership with Abaca, is deploying CanPay in six of the 23 Herbology dispensaries it operates nationally; these locations are in Arkansas, Oklahoma, and North Dakota. “Giving customers the option for contactless payments is not only responsible, it just makes sense,” says Grassroots’ Chief Accounting Officer Mark Lee. “It’s safer for patients and our staff, and it’s convenient, too. It’s a win-win.”
Visit CanPayApp.com from your smartphone to get the CanPay App.
About Abaca
Abaca provides state-legal cannabis businesses with compliant bank accounts, lending, electronic payments, and other financial services through its financial technology-powered cannabis banking platform. Abaca and its partner financial institutions are currently accepting traditional bank account applications in Arkansas, Illinois, Missouri, North Dakota, and Oklahoma; the company’s fintech banking platform also offers lending and payment processing services to cannabis and hemp/CBD businesses nationwide. Learn more at www.GoAbaca.com.
About CanPay
CanPay is the first debit payment solution for the state regulated cannabis industry, currently serving consumers and businesses in 28 state-legal cannabis markets. Through the Closed-Banking Feedback Loop, CanPay partners with select financial institutions that have developed stable, compliant banking programs specific to the cannabis industry. By delivering a traditional and legitimate electronic payment solution to this growing yet highly-regulated industry, CanPay allows retailers and customers the convenience of a debit payment while mitigating risks and costs associated with cash transactions. To learn more about CanPay, visit www.CanPayDebit.com.
About Grassroots Cannabis
GR Companies Inc. (dba Grassroots Cannabis) is a cannabis company dedicated to serving,
advancing and respecting the cannabis movement. Through its unique, vertically integrated business model, Grassroots grows, processes and sells trusted cannabis products that enhance life’s moments for people from all backgrounds. Its retail brand, Herbology, offers a unique, wellness and education-focused dispensary experience.
Grassroots Cannabis has built its portfolio at an unprecedented pace, with facilities in highly competitive markets, including Illinois, Nevada, Pennsylvania, Michigan, Maryland, Oklahoma, Ohio, Vermont, North Dakota, Arkansas and Connecticut. The company is pursuing acquisitions in additional markets. The executive management team is composed of a group of highly skilled business leaders united by a common belief: Cannabis inspires us to live deeply. For more information, visit grassrootscannabis.com