Cannabis and banking vets launch credit card for dispensaries – TechCrunch
Most consumer cannabis transactions are done in cash, legal or not. Since the United States classifies cannabis as a Title IV drug, the banking industry is unwilling and unable to provide services to cannabis operations. That leaves dispensaries managing and protecting massive sums of cash, and the stores cannot offer a modern retail payment system to the consumer.
SuperNet has a solution. The company will issue and process credit cards that will work in dispensaries. The service is expected to launch in January 2022, and accepted at 100 California retail locations.
“It’s a real credit card they’ll get from us,” CEO Michael W.K. Tsang told TechCrunch. “It’s just like any other credit card in your wallet, except instead of a VISA or MasterCard logo, it’s a SuperNet logo. You can spend it anywhere Supernet is accepted.”
The upsides are apparent. Consumers can leave the cash in the ATM and pay using a plastic card or NFC app. Retailers can reduce the amount of money on-site, and collect more data about their customers who are no longer cash transactions. There’s even a loyalty program.
Consider cannabis regulations, and SuperNet’s platform gets more compelling: This platform was built for the complex world