Hawaii is the first state to make a major push for cashless cannabis payments. In September, Gov. David Ige and state finance institutions commissioner Iris Ikeda said CanPay, via an agreement with Safe Harbor Private Banking, will process sales transactions at retail shops 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, like the cannabis industry. Finance institutions apply to take part in the CanPay network and merchants using a banking account at one of those institutions can accept CanPay debit transactions from customers who may have enrolled to get a CanPay debit account.
Still “near e-commerce” remains to be the norm in numerous areas, plus it still offers benefits over bricks-and-mortar including online price comparisons, a wider selection, delivery and ordering online ahead for faster pickup at 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 buy cannabis online.
In 2016 Getmeadow launched Meadow Platform, an application-as-a-service platform for California dispensaries to offer you 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 a marijuana technology company, connects cannabis product brands, dispensaries and doctors to customers via the web through its site and app.
To make use of the service, a consumer must register along with her email and phone number and submit a photo of her ID to confirm her age. Eaze then texts her back once approved and she can order her goods for delivery, although she must pay once the item 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. A similar service, called GreenRUSH, also collects payments on delivery.
Marijuana delivery is popular among fans in the herb. In its 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, if it was delivered every thirty seconds. The report is dependant on market research of 15,000 consumers and Eaze’s database of 350,000 consumers. An Eaze spokesman says it’s too soon for Eaze to discuss data on purchases through its site since cannabis was was developed legal for recreational use within 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 are becoming better educated concerning the wellness benefits offered by cannabis. As prohibition ends and a new era of marijuana emerges in 2018, we’ll see increased awareness drive diverse product adoption among new sets of people and then change lives for that better.”
“When federal law changes, this will change 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 information regarding their products. Cannabis sellers can market their products and services online via marketplaces such as MassRoots. The cannabis rfvtdy has greater than 1.5 million app downloads and its website has hundreds of thousands of page views each month, says a MassRoots spokeswoman. Consumers are able to see prices, find dispensaries near them, read reviews on different cannabis strains, and study which symptoms the plant aids, such as lower back pain, nausea or epilepsy.
“If it were legal to market cannabis on the web and ship it, it might start a complete new revenue channel and likely significantly accelerate our growth,” the MassRoots spokeswoman says.
As the National Cannabis Industry Association’s West is certain businesses want to sell products directly to consumers online, the cannabis industry is extremely regulated and most of the association’s clients 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 businesses that provide services to marijuana-related legitimate business and lots of cannabis sellers have trouble receiving and maintaining use of banking accounts-and clear digital marketing rules, she says.