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Cannabis is now. It’s legal in several US states, but not federally, so this “legal” status works pretty much only for cannabis businesses. While dispensaries can legally sell cannabis products in many states, they don’t have access to the same banking services that any other retail business does.
As a technology platform for the cannabis business, Oregon-based startup Dutchy knows the complexities it’s trying to solve. “We’re really small and kind of in the stone age when it comes to payments and cannabis,” co-founder and chief product officer Zach Lipson told TechCrunch.
“It really forces the industry to rely on cash,” he said, adding that 90% of all sales transactions are handled in cash. This figure could be higher or slightly outdated in 2020, as it comes from a 2020 report by research firm Eye Group, a financial services advocacy group in the cannabis space for the Emerging Markets Consortium (EMC). But the point remains: cashless transactions are often not an option for cannabis businesses.
Zach and his co-founder (his brother and CEO of the company) Ross Lipson aim to solve that problem with Dutch Pay, a payment solution designed for the legal cannabis market in the US.
How it works
If you’re buying legal cannabis for medical or recreational purposes, you may be able to order through your dispensary’s website, but you’ll still have to pay on delivery or pickup. This is where Dutch pay comes in.
Dutch Pay’s moniker is reminiscent of Apple Pay, and that’s no coincidence—Dutch also has ambitions to be a one-click payment system.
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