Editor's Note: This is a promising means for facilitating non-cash transactions and increasing transaction tracking for compliance and bank confidence in the legality of dispensary business and revenue. The possible Catch 22 (or the "chicken and the egg" scenario) seems to be that securing bank services in the first place is a challenge for many cannabis businesses, so having the funds deposited directly into a dispensary's account may still pose a dilemma (if no such account exists). But, any system (and other similar systems do exist) that helps eliminate cash and increase accountability can only help.
VertePay's William DrevantVertePay's William Drevant
DES PLAINES, Ill.—A new company is offering a closed-loop payments system to cannabis businesses to help eliminate their need to handle large amounts of cash.
Should it work, it would address one of the primary drivers of interest by marijuana-related businesses in developing relationships with credit unions.
VertePay, headed by William Drevant, allows consumers to make purchases at cannabis dispensaries by using their driver’s license or state marijuana ID card. Consumers simply swipe the plastic—preloaded with funds—instead of handing over cash.
