Hawaii is the first state to make a key push for cashless cannabis payments. In September, Gov. David Ige and state banking institutions commissioner Iris Ikeda said CanPay, via an agreement with Safe Harbor Private Banking, will process sales transactions at retail dispensaries within the state.
CanPay, a debit payment service, provides a payment method beyond cash. It facilitates electronic payments between consumers and retailers in highly-regulated and emerging markets, such as the cannabis industry. Finance institutions apply to be part of the CanPay network and merchants having a banking account at one of those particular institutions can accept CanPay debit transactions from customers who may have registered to get a CanPay debit account.
Still “near e-commerce” remains the norm in lots of areas, and it also still offers benefits over bricks-and-mortar including online price comparisons, a wider selection, delivery and ordering online ahead for faster pickup in a dispensary, Brochstein says.
In California, Eaze, Meadow and GreenRUSH Delivery all in a variety of ways connect dispensaries with consumers using the web. Getmeadow.com, as an example, is definitely an on-demand directory connecting patients to dispensaries for cannabis delivery. It also operates Meadow MD, a telemedicine platform connecting patients to physicians for online evaluations for online weed store.
In 2016 Getmeadow launched Meadow Platform, an application-as-a-service platform for California dispensaries to provide cannabis retail sales and delivery. It contains tools for inventory management, analytics, on the web and mobile ordering, delivery tracking and logistics, compliance and patient intake.
Eaze, meanwhile, which launched in 2014 and bills itself as being a marijuana technology company, connects cannabis product brands, dispensaries and doctors to customers using the web through its site and app.
To make use of the service, a consumer must register together with her email and contact number and submit a picture of her ID to verify her age. Eaze then texts her back once approved and she can order her goods for delivery, although she must pay when the product is delivered. The service, which started for medical marijuana users, connecting consumers with doctors and offering online medical forms, says it provides amassed 350,000 users in California. An identical service, called GreenRUSH, also collects payments on delivery.
Marijuana delivery is preferred among fans from the herb. In the Eaze Insights: 2017 State of Cannabis data report released today, Eaze says it delivered marijuana every 10 seconds in 2017, a 200% increase over 2016, in the event it was delivered every thirty seconds. The report is dependant on a survey of 15,000 consumers and Eaze’s database of 350,000 consumers. An Eaze spokesman says it’s too early for Eaze to discuss data on purchases through its site since cannabis was was created legal for recreational use in California on Jan. 1 .
“After Californians voted for adult [recreational] use within November 2016, many consumers shifted their mindset and became more available to using cannabis to improve their everyday lives,” says Jim Patterson, CEO of Eaze. “Americans have grown to be better educated concerning the wellness benefits available from cannabis. As prohibition ends as well as a new era of marijuana emerges in 2018, we’ll see increased awareness drive diverse product adoption among new groups of people and continue to change lives for the better.”
“When federal law changes, this may modify the game entirely,” Canto says. “At that point, the distribution side of the industry can come out and flourish.” Federal law still prohibits marijuana sales.
The patchwork of marijuana laws, however, doesn’t stop the growers and sellers from sharing details about their products. Cannabis sellers can market their goods online via marketplaces such as MassRoots. The cannabis rfvtdy has greater than 1.5 million app downloads and its website has thousands and thousands of page views every month, says a MassRoots spokeswoman. Consumers are able to see prices, find dispensaries near them, read reviews on different cannabis strains, and browse which symptoms the plant aids, including lower back pain, nausea or epilepsy.
“If it were legal to sell cannabis on the internet and ship it, it could open a complete new revenue channel and likely significantly accelerate our growth,” the MassRoots spokeswoman says.
While the National Cannabis Industry Association’s West is certain businesses want to sell products straight to consumers online, the cannabis market is extremely regulated and the majority of the association’s customers are dedicated to other priorities. Those priorities include legalization, taxation easement, open banking access for proceeds-as currently there is not any law protecting financial service companies that provide services to marijuana-related legitimate business and several cannabis sellers have trouble receiving and looking after usage of accounts-and clear digital marketing rules, she says.