Cannabis and banking vets launch credit card for dispensaries

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Summary

What we’re building can be used in normal credit card or debit card processing. For instance, Harborside could offer its customers a Harborside credit card. This is a credit card and not a debit card. SuperNet sees a future where consumers use a SuperNet card just like a Discover or American Express. SuperNet provides a credit card processing service and a loyalty program — both provide the retailer additional information about their customer base.

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Most consumer cannabis transactions are done in cash, legal or not. Since the United States classifies cannabis as a Title IV drug, the banking industry is unwilling and unable to provide services to cannabis operations. That leaves dispensaries managing and protecting massive sums of cash, and the stores cannot offer a modern retail payment system to the consumer.

SuperNet has a solution. The company will issue and process credit cards that will work in dispensaries. The service is expected to launch in January 2022, and accepted at 100 California retail locations.

“It’s a real credit card they’ll get...

Read the full article @ Techcrunch