On October 1st, 2017, all of Hawaii’s eight licensed dispensaries will be going cashless. Hawaii will be the first state to have all cannabis transactions handled without cash.
Going forward, dispensaries will have patients use a debit payment app, called CanPay to buy their cannabis instead of money. CanPay, known as the first legitimate debit payment solution for the cannabis industry is already an option for cannabis transactions in six states including California and Colorado.
Safe Harbor Private Banking, a CUSO of Partner Colorado Credit Union that provides a compliant banking program for cannabis businesses, said that they were partnering with CanPay, to offer banking services statewide for Hawaii’s cannabis businesses. This will be the first time that you will see banking partners, regulators and cannabis licensees working together to bring banking solution to an unbanked legal medical cannabis market.
With a partnership like this, Safe Harbor Private Banking and CanPay will provide transparency, security, and convenience for both the dispensaries and patients.
More About CanPay
CanPay’s mission was to bring traditional and legitimate electronic payment solutions to highly-regulated industries. With a team of payment professionals, offering over 15 years of industry experience, they are building a proprietary network of consumers, retailers, financial institutions, and specialized technology providers that make payments at regulated businesses just like payments everywhere else.
How does it work?
To become a CanPay Debit App User you will first need to enroll. When you apply, you will need to use a valid Driver’s License, your checking account number, and a working email address. After you are approved, your account will be activated, and you can begin using CanPay right away. As a CanPay Mobile Debit App user, you can make debit purchased with no convenience fees.
For retailers, they will be able to offer their customers the ability to pay with a debit payment, which minimizes the risks and costs associated with cash and will increase Consumer spending.
About Safe Harbor Private Banking
Safe Harbor Private Banking is a division of Partner Colorado Credit Union. Safe Harbor Private Banking was developed by Sundie Seefried, CEO, and President of Partner Colorado Credit Union, located in Denver, Colorado. Safe Harbor banked last month alone over $85 million through cannabis businesses, reaching $1 Billion in a year. They have been able to do this by developing a compliant banking solution, where they have undergone over four state and federal exams passing each of them successfully.
The beginning steps…
Cannabis businesses in Hawaii will move to the newly automated Safe Harbor platform. Safe Harbor will work directly with a financial institution in Hawaii to ensure safety and stability as they integrate accounts into the financial institution’s portfolios.
“Removing cash from the equation leads to a more transparent and legitimate way to do business that’s both convenient and secure for all involved,” said Dustin Eide, CEO of CanPay, in a statement. “Through the lengthy collaboration between ourselves, Safe Harbor, and the tremendous individuals in Hawaii’s legal cannabis market, these dispensaries are now able to operate as closely as possible to businesses in any other industry.”
The parties involved said the transition to bring legitimate banking and merchant services to the Hawaiian cannabis market has been in development for over a year and included collaboration among financial regulators, officials and financial partners from across the country.
To learn more about CanPay, you can visit www.canpaydebit.com
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