Hawaii will be the first state to generate a major 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 in the state.
CanPay, a debit payment service, offers a payment method beyond cash. It facilitates electronic payments between consumers and retailers in highly-regulated and emerging markets, including the cannabis industry. Banking institutions apply to take part in the CanPay network and merchants using a banking accounts at one of those particular institutions can accept CanPay debit transactions from customers that have enrolled to get a CanPay debit account.
Still “near e-commerce” continues to be the norm in lots of areas, and it also still offers benefits over bricks-and-mortar such as 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 through the web. Getmeadow.com, as an example, is definitely an on-demand directory connecting patients to dispensaries for cannabis delivery. In addition, it operates Meadow MD, a telemedicine platform connecting patients to physicians for online evaluations for buy weed online.
In 2016 Getmeadow launched Meadow Platform, a software-as-a-service platform for California dispensaries to provide cannabis retail sales and delivery. It includes 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 through the web through its site and app.
To make use of the service, a consumer must register together with her email and telephone number and submit a picture of her ID to ensure her age. Eaze then texts her back once approved and she will 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 has amassed 350,000 users in California. An identical service, called GreenRUSH, also collects payments on delivery.
Marijuana delivery is well-liked by fans of the herb. In their 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 30 seconds. The report is founded 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 talk about data on orders through its site since cannabis was was made legal for recreational use in California on Jan. 1 .
“After Californians voted for adult [recreational] use in November 2016, many consumers shifted their mindset and have become more open to using cannabis to improve their everyday lives,” says Jim Patterson, CEO of Eaze. “Americans are becoming better educated about the wellness benefits offered by cannabis. As prohibition ends along with a new era of marijuana emerges in 2018, we’ll see increased awareness drive diverse product adoption among new teams of people and then change lives for the better.”
“When federal law changes, this will modify the game entirely,” Canto says. “At that time, the distribution side in the industry should 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 products and services online via marketplaces such as MassRoots. The cannabis rfvtdy has more than 1.5 million app downloads as well as its website has tens of thousands of page views each month, says a MassRoots spokeswoman. Consumers can easily see prices, find dispensaries near them, read reviews on different cannabis strains, and study which symptoms the plant aids, including back pain, nausea or epilepsy.
“If it were legal to sell cannabis online and ship it, it could open up an entire new revenue channel and likely significantly accelerate our growth,” the MassRoots spokeswoman says.
As the National Cannabis Industry Association’s West is sure businesses would like to sell products right to consumers online, the cannabis market is extremely regulated and a lot of the association’s customers are focused on other priorities. Those priorities include legalization, taxation easement, open banking access for proceeds-as currently there is not any law protecting financial service firms that provide services to marijuana-related legitimate business and many cannabis sellers have trouble receiving and looking after use of accounts-and clear digital marketing rules, she says.