LITTLETON, Colo. — CanPay, a payment network for cannabis retailers and consumers, was named by the State of Utah’s Division of Finance as an approved payment provider for pharmacies selling medical marijuana. With the launch of its mobile payment platform in Utah, CanPay now serves more than 325,000 users at 1,150+ dispensaries across the United States.
CanPay’s app allows consumers to pay cannabis retailers with a simple debit from their checking account using the Automated Clearing House (ACH) network. The platform enables consumer payments from more than 14,000 financial institutions. Merchants with a compliant bank account at a CanPay-approved financial institution may join the network. The payment solution is built for traditional retailers as well as emerging markets and businesses in highly regulated industries.
“Approval by the state of Utah is further evidence of CanPay’s focus on compliance and due diligence when it comes to enabling payments on our platform,” said Dustin Eide, CEO. “Over the past eight years, we’ve worked hand-in-hand with dispensary owners nationwide, following legalization trends and examining every new state measure to ensure our customers feel informed and well-protected in the cannabis industry and beyond.”
As part of CanPay’s expansion, the company also reached a major milestone with long-time partner Curaleaf, a leading provider of consumer products in medical and recreational cannabis. With the addition of its Utah-based dispensaries, CanPay now serves all of Curaleaf’s stores in the U.S.
CanPay is accepted by 10 of the top 13 public-company, multistate operators (MSOs). The app’s proprietary Purchase Power tool creates custom spending limits, with a maximum daily customer spending limit of $5,000. That’s the highest advertised spending limit in the cannabis industry – and significantly higher than the amount of cash that a customer can withdraw from an ATM at one time.
About CanPay
Founded in 2016, CanPay claims to be the largest multi-retail and ecommerce pay-by-bank payments network. The company’s payment solution is geared for traditional retailers as well as emerging markets and businesses in highly regulated industries.
