MjLink Cannabis Business News and Press
CBT focuses strictly on the business of legal cannabis for medical and recreational use and aims to provide timely information—through its website, e-newsletter, mobile app, print magazine and annual conference—to help the reader make timely, informed decisions to help them run their businesses better and more profitably. In 2018, Cannabis Business Times was named Magazine of the Year by the American Society of Business Publication Editors.
With a mission in mind, CBD and wellness company Burnt Meadow Hemp is working to create a farm-to-table experience for consumers.
Sitting on 250 acres in Fowler, Colo., Burnt Meadow Hemp is a “full functioning farm,” says Sulee Clay, CEO of Burnt Meadow Hemp and chair of the corporate group and managing partner at Mckennon Shelton & Henn LLP law firm in Washington D.C. The company grows a blend of CBD- and CBG-dominant varieties on roughly 55 irrigated acres, Clay says, adding that it also produces other crops, like alfalfa.
“We grow for extraction, but for our product purposes, we do infusion method, whole plant, trying to be as close to what is coming out of the ground as possible in terms of our ingredients,” she says.
The company grew 40 acres of hemp in its first growing season in 2018 and had a successful harvest that year, Clay says. However, the following two years were challenging, as the farm got almost completely wiped out from weather-related disasters.
“Right when we were about to harvest 10-foot tall plants, the first year, we got a ton of ice. Everything froze; it went down to 3 degrees for three days,” she says. “The second year, a bunch of heavy snow was dumped on everything, and everything got demolished. That was quite a setback. … As much hard work as it is to actually farm hemp, especially if you don’t have very large equipment, we started thinking, ‘Is this really the best use of our time?’”
From there, Clay says the company pivoted its focus to product development and created a line of CBD wellness products.
Indonesia’s Constitutional Court has rejected a judicial review of the country’s narcotics law that could have opened the door to medical cannabis legalization.
Three mothers of children with cerebral palsy joined forces with civil society organizations in 2020 to file the judicial review, according to a Reuters report.
The plaintiffs said medical cannabis could be used to treat the children’s symptoms, and argued that not being allowed to use narcotics for medical reasons violates citizens’ constitutional rights to obtain health services and benefit from advancements in science and technology, the news outlet reported.
The court issued a ruling July 20 that said there is insufficient research to justify the judicial review, Reuters reported. The judges added, however, that Indonesia’s government should “immediately” conduct research on the therapeutic use of narcotics, according to the news outlet.
Indonesia’s parliament has indicated that it will undertake a comprehensive study on the benefits of medical cannabis, Reuters reported, but in the meantime, the Southeast Asian nation has one of the world’s most stringent anti-drug laws; the possession or trafficking of large quantities of narcotics is punishable by life imprisonment or death, according to Reuters.
It’s no secret that the cannabis industry moves fast and is ever-evolving.
Market trends or products that are popular today may go out of style tomorrow. In this Q&A, Jesce Horton, founder of LOWD, a cannabis production company in Portland, Ore., shares what businesses should consider when looking to implement a marketing trend in an ever-changing landscape.
Editor’s note: Jesce Horton will speak at Cannabis Conference from 1:30 p.m. to 2:20 p.m. on Wednesday, Aug. 24, on the “How to Use Today’s Marketing Trends To Boost Your Bottom Line” session alongside Angela Pih, Vice President of Marketing for Harborside, Jonathan Spadafora, President of Veritas Fine Cannabis, and Ashley Fields, Vice President of Marketing and Communications for CANN. In this session, experts will provide their top lessons learned, share regulatory considerations and explain how to evaluate the success of any marketing campaign. Visit www.CannabisConference.com for more information and to register.
Andriana Ruscitto: What should business owners consider when deciding whether to jump on a marketing trend?
Jesce Horton: I think they should consider how fast the industry moves. For example, if someone is selecting strains based on what’s moving and what’s hot right now, they definitely want to strongly consider the longevity of that trend or strain, whatever it may be, because implementing these strains or strategies can take months [or] even over a year. By the time you’re able to do that, the industry has [already] moved on to something else.
AR: How can executives successfully incorporate marketing trends?
HELENA, Montana (July 21, 2022) – Wana Brands products are now available to medical and recreational marijuana patients in Montana with the launch of Wana Sour Gummies, the company’s classic vegan and gluten-free gummies enhanced with a proprietary blend of more than 30 terpenes. In partnership with all 26 locations of Bloom, Sweet Grass and Fat Hippie dispensaries, Wana Brands provides a wide range of gummies in various classes, ratios and doses to help meet the needs of Montana’s growing cannabis community.
Both Wana Brands and Bloom share a focus on providing consumers and patients best-in-class cannabis products in a wide variety of options and flavors. Now available in Watermelon Hybrid, Blueberry Indica, Mango Sativa, Strawberry Lemonade 1:1 CBD/THC and Blood Orange 20:1 CBD/THC, Wana Sour gummies offer Montana consumers a variety of consistent and potent options for wellness management and recreational enjoyment.
“Gummie edibles are a hugely popular product category, and we wanted to bring a high-quality, consistent edible product to Montanans all over the state by partnering with a dispensary they know and trust,” said Nancy Whiteman, CEO of Wana Brands. “Bloom offers a people-centered service approach and we are honored to partner with them across Montana. Together, we will bring five flavors of Wana’s Sour Gummies to Montana, and plan to expand gummie offerings in the future.”
Wana products available through Montana medical and recreational marijuana dispensaries include:
Wana Sour Gummies Watermelon (Hybrid): These refreshingly fruity gummies are infused with a terpene-enhanced hybrid blend to deliver a mild, balanced experience. 10mg THC per piece, 100mg THC per package (10 gummies)Wana Sour Gummies Blueberry (Indica): Infused with a terpene-enhanced indica distillate, these not-too-sweet, not-too-tart gummies can evoke feelings of relaxation and calm. 10mg THC per piece, 100mg THC per package (10 gummies)Wana Sour Gummies Mango (Sativa): Infused with a motivating sativa blend, these tropics-inspired gummies contain notes of refreshing sweetness, elevated by a tangy citrus burst. 10mg THC per piece, 100mg THC per package (10 gummies)Wana Sour Gummies Blood Orange (20:1 CBD/THC): These succulent blood orange gummies are infused with only 1mg of THC, which works within a person’s endocannabinoid system to unlock the full therapeutic benefits of 20mg CBD without producing intoxicating effects. 20mg CBD/1mg THC per piece, 200mg CBD / 10mg THC per package (10 gummies)Wana Sour Gummies Strawberry Lemonade (1:1 CBD/THC): Balancing bright citrus and lush strawberry, these gummies contain a 1:1 ratio of CBD and THC to promote balance and tranquility. 10mg CBD / 10mg THC per piece, 100mg CBD / 100mg THC per package (10 gummies)“Partnering with Wana Brands not only allows us to bring the best edibles in the nation to Montana, we are also continuing to fulfill our goal of providing a wide variety of premium cannabis products across all product categories,” said Adam Kunin, Chief Operating Officer of Bloom. “It is important for us to do right by our patients and customers, which is why we prioritized working with Wana. They are nationally renowned for both their products and community involvement, and like us, strive to make the world a better place.”
The Montana Department of Revenue allows adults over the age of 21 located in counties where the majority of voters supported Initiative 190 to possess and use up to one ounce of cannabis. Medical patients with 12 specific conditions can qualify for a state-issued certification card. Conditions include cancer, HIV, AIDS, PTSD, chronic pain, multiple sclerosis, glaucoma, among others.]]>Michigan’s Cannabis Regulatory Agency (CRA) announced July 21 the winning bidders for $20 million in annual funding available through the state’s Veteran Marijuana Research (VMR) grant program.
Wayne State University, a four-year public research institution in Detroit, was awarded the full amount requested for both of its proposals: roughly $9 million and $3.5 million. While the University of Michigan, in Ann Arbor, was award nearly $7.5 million of the $12 million it requested, according to CRA.
The funding will go toward clinical trials in treating the medical conditions of U.S. armed services veterans and preventing veteran suicide. The trials must be approved by the U.S. Food and Drug Administration and sponsored by a nonprofit organization within an academic institution researching the efficacy of using cannabis as an alternative treatment for veterans.
The annual funding for the clinical trials was set forth in the Michigan Regulation and Taxation of Marijuana Act, the adult-use legalization initiative passed by voters in November 2018, which created a Marijuana Regulation fund in the state treasury that CRA officials are required to draw from to award the grants.
CRA officials received five proposals totaling more than $37 million for this year’s grants. When determining the amount to be award to each organization, a Joint Evaluation Committee (JEC) considered four main factors:
The JEC included voting members Andrew Brisbo, executive director of CRA/Department of Licensing and Regulatory Affairs (LARA); Robert Near, the deputy director of the Michigan Veterans Affairs Agency; and Catherine Reid, the medical adviser for the Michigan Department of Health and Human Services’ State Hospital Administration.
Gold Standard Farms is a family-owned, Tennessee-based hemp cultivator with nearly 100 years of history behind it.
While much of the company’s history is rooted in traditional agriculture, including soybean and corn production, Gold Standard Farms CEO Jarrel Howard has launched his family business forward into a new era with hemp cultivation.
After taking over as CEO in 2020, Howard introduced hemp cultivation to his family’s farm, adding a new crop to carry the company forward. Later that year, Gold Standard Farms became the initial strategic partner for Viola’s incubator program, which launched in October 2020.
Now, with Howard in his third year as CEO, he’s certain this was where he was meant to be all along.
“This was my purpose,” Howard says, “to be home and take care of the farm for as long as I can and make sure we get another 80 to 100 years out of it.”
Rick Zahnleuter has resigned as chief lawyer for New York’s Office of Cannabis Management (OCM).
According to Syracuse.com, NY Cannabis Insider was the first to report on the news via an email sent from OCM spokesperson Aaron Ghitelman, which read:
“The entire staff of the Office of Cannabis Management wants to thank Rick Zahnleuter for his work getting the office up and running. Rick came out of retirement to lend his expertise to our office as we launched New York’s cannabis industry. Thanks to Rick’s work, the Seeding Opportunity Initiative is in full motion with regulations finalized for the cannabis supply chain; for farmers, for production facilities, and for our first retail dispensaries. And thanks to all that work, we’re in a great place to bring on a new general counsel to shepherd our office and New York’s Cannabis Industry into the future. We deeply appreciate all Rick has done for our state.”
According to the news outlet, the OCM appointed Zahnleuter as general counsel in October 2021, after he retired from his role as general counsel from the New York State Department of Health in 2020.
New York is currently working on launching its adult-use program and the state’s Cannabis Control Board recently approved regulations that govern the state’s forthcoming adult-use market, as previously reported by Cannabis Business Times.
The regulations would “ensure that the first round of dispensary licenses go to applicants with past cannabis-related convictions,” CBT reported.
]]>Law enforcement has seized 165,219 illicit cannabis plants across three cities in Mendocino County, Cali.
Between July 11 and July 15, the County of Mendocino Marijuana Enforcement Team searched the cities of Covelo, Laytonville, and Willits and eradicated a total of 5,946 pounds of processed cannabis, according to KRCR.
Officials also found 12 weapons and 1,740 illicit cannabis plants grown on Round Valley Consolidated Indian Tribes' land.
According to the news outlet, officials detained several individuals from the investigation, most of whom are from foreign countries such as Mexico, Spain, Argentina, France, and Israel.
]]>LAKELAND, Fla., July 21, 2022 (GLOBE NEWSWIRE) --PRESS RELEASE-- Metrc, a provider of cannabis regulatory systems in the U.S., announced its new contract with the State of Rhode Island to support the State’s regulation of medical cannabis, the company’s 22nd government contract to date and fifth so far in 2022.
As the only track-and-trace company to have successfully taken over a government contract from another vendor, Metrc will replace the State’s current partner and implement its robust track-and-trace platform to help facilitate the Rhode Island Medical Cannabis Program’s data collection and regulatory oversight. Rhode Island is the third state in which Metrc is replacing the incumbent vendor. The company’s unique RFID tag model combined with a configured software-as-a-service (SaaS) system will enable licensed operators to easily view and track all information and activities impacting the status of a plant or the creation of cannabis-based products, including origin, testing results, handling, and chain-of-custody information. This seamless data tracking helps operators optimize inventory control, accurately report sales data, and improve cultivation management. And this same tracking information is accessible to state regulators, providing the ultimate transparency to ensure regulatory compliance, help combat the illicit market, and safeguard the health and well-being of Rhode Island medical marijuana patients.
“As the Rhode Island Medical Cannabis Program continues to grow, we are excited to support and enhance the program through our state-of-the-art track-and-trace platform, which will enable state regulators to conveniently and securely track, store, and retrieve millions of data points from operators around the state,” said Michael Johnson, CEO at Metrc. “Our team at Metrc is looking forward to working side-by-side with Rhode Island’s Office of Cannabis Regulation and both existing and new licensees within the state to establish a safe and well-regulated medical marketplace.”
Rhode Island was an early adopter of medical marijuana, legalizing the program in 2006. Since last October, the state has awarded six new medical marijuana licenses to business owners through a lottery, which increases the number of dispensaries from three to nine, significantly expanding access to the state’s thousands of medical patients.
Metrc now holds exclusive government contracts in every region of the U.S and has a particularly strong presence in the northeast, having contracts with Maine; Massachusetts; New Jersey; Maryland; Washington, D.C.; and now Rhode Island. While these areas have diverse regulatory frameworks, each jurisdiction shares the common goal of ensuring safe legal cannabis markets. Metrc continues to be the favored partner of regulators and businesses in serving their unique needs and goals; having prevailed over other track-and-trace competitors who were eager to replace the incumbent vendor in Rhode Island.
]]>Editor’s note: This is a developing story and will be updated periodically through the day on July 21.
Senate Majority Leader Chuck Schumer’s bill to federally legalized cannabis is finally here.
The New York Democrat, along with Senate Finance Committee Chairman Ron Wyden, D-Ore., and Sen. Cory Booker, D-N.J., officially filed the Cannabis Administration and Opportunity Act (CAOA) July 21 in the upper chamber.
The 296-page bill expands upon a 163-page draft that the Senate trio originally unveiled more than a year ago, before industry organizations and stakeholders spent the better part of two months submitting their feedback.
While the final version of the legislation filed Thursday broadens the initial proposal, the nuts and bolts of the bill remain: remove cannabis from the list of controlled substances; tax and regulate cannabis at the federal level; and grant states the power to keep or administer their own oversight programs.
In addition, the legislation provides provisions to help repair the harms and injustices associated with the enforcement of prohibition policies that have led to disproportionately targeting Black people and communities.
Senate Majority Leader Chuck Schumer officially filed his long-awaited Cannabis Administration and Opportunity Act (CAOA) July 21, and while it remains to be seen whether the 296-page bill has the support it needs to become law, this sort of broad federal decriminalization measure would ultimately open up interstate commerce in the cannabis industry.
What does this mean for existing cannabis operators and business hopefuls in state-legal markets?
Jonathan Robbins, chair of the cannabis practice at Akerman LLP, says cannabis will likely be regulated like alcohol at the federal level, and that “refreshing is an understatement” to describe the impact of interstate commerce opportunities on the industry.
“It will be fantastic to be able to negotiate license agreements or distribution agreements where product can actually be sold across state lines,” he says. “If I represent a multistate operator and they want to do a distribution agreement [now] … with a big brand out West, you can’t just drop a pallet from California and ship it to Florida. Especially with edibles, it makes it so impossible because you … have to get the genetics from the operator, then you have to have a team come in and teach them how to cultivate it properly and … how to manufacture these edibles.”
But, according to Robbins and Robert DiPisa, co-chair of the Cannabis Law Group at Cole Schotz, a reasonable tax rate and a uniform approach to regulations are key to the long-term success of the industry when interstate commerce becomes a reality.
Consumer insights and market intelligence firm Brightfield Group focuses on the potential effects of U.S. Food and Drug Administration (FDA) regulation of CBD—or the possible lack thereof—in a new mid-year report titled, “CBD: FDA Impact & The Path Forward.”
In 2022, Brightfield forecasts that the U.S. hemp-derived CBD market will reach $5 billion in retail sales, without FDA involvement this year, according to the report.
If the FDA begins regulating CBD by 2024, retail sales of the product could reach $11 billion in 2027, according to Brightfield, per the report. Without FDA regulations, the data company expects that 2027 figure to be more than $6 billion.
The increase in sales that Brightfield predicts if FDA guidance occurs would be “driven by accelerated growth of ingestible products like capsules and gummies as well as increased acceptance by mainstream retailers,” according to the report.
And with a 2024 start for FDA guidance, the compound annual growth rate (CAGR) for the market for the years 2022 to 2027 could reach more than 40% for mass merchandiser and club as well as grocery distribution channels, Brightfield states.
If there is no FDA regulation, Brightfield predicts the highest CAGR percentages for those years to be for mass merchandisers and club, and pharmacy, channels—but with a CAGR under 10%.
Officials from the Connecticut Department of Consumer Protection (DCP) released the names of 16 adult-use cannabis cultivation license applicants on July 19 that they plan to move forward with in a review process.
The announcement came a week after the 16 businesses were approved by the state’s Social Equity Council for satisfactorily meeting the requirements set forth by state law to qualify for the Disproportionately Impacted Area (DIA) cultivator license type.
Selected from a pool of 41 applications—from a one-time application period of three months— the social equity licensees must own or control at least 65% of the qualifying business, as well as meet income and residency requirements outlined in the law. Specifically, individuals who applied for the licenses must have resided in a DIA for at least five of the past 10 years or at least nine years before the age of 18.
“These important steps mean Connecticut cannabis cultivation will be primarily operated by people from those communities identified as disproportionately impacted by the war on drugs, who qualified as social equity applicants,” Gov. Ned Lamont said in a DCP press release Tuesday.
“While there is still a lot of work to be done, we are establishing Connecticut as a leader in addressing the inequities and injustices caused by cannabis prohibition,” he said. “We are ensuring those communities most harmed have an opportunity to be leaders in this newly regulated industry.”
The DIA businesses that were approved by the Social Equity Council and have been contacted by DCP officials for next steps in the review process include:
BALTIMORE, MD, July 20, 2022 – PRESS RELEASE – GreenLab Packaging provides innovative, advanced, and 100% USA-made liquid filling equipment while delivering the lowest cost of ownership to its partners.
“With experience working with highly regulated verticals like pharmaceuticals, cosmetics, and contract packaging, we leverage our network and industry knowledge, coupled with FILAMATIC’s innovative design and engineering for the benefit of our customers as well as the overall cannabis industry,” notes Dorjee Tenpa, Business Development, GreenLab Packaging.
July 20, 2022 – PRESS RELEASE – Canapa has announced that its JuanaRoll automated preroll machine is now available in eight different configurations to fill most every production rate need.
The JuanaRoll is the industry’s most flexible pre-roll machine with a straight-line design that allows users to expand production as needed. Customers can now start with a one-channel model and produce up to 4,000 prerolls in an eight-hour shift and then expand up to an eight-channel model or anything in between to produce up to 32,000 prerolls per eight-hour shift.
Featuring the most edge weight cell technology with 2/1000g resolution, an integrated PreCheQ check weigher and stations for compacting, tamping, twisting, trimming and crowning, this high-performance machine also includes no cone-no fill detection, a cone open camera vision system, and two digital cameras with free online support and training.
The JuanaRoll is designed for speed, accuracy, flexibility and expandability. This highly productive machine is built with a stainless-steel frame and contact parts to allow for easy cleaning and includes a user-friendly HMI for unlimited recipe setup and precise control over compaction and twisting. Real-time production reporting can be displayed at the touch of a button and data is easily exported to USB or email.
For a full-length testimonial video and to learn more about the JuanaRoll pre-roll machine, including operational videos from facilities around the world, visit www.canapasolutions.com/pre-roll-packaging-machine.
Big changes are coming to Minnesota’s medical cannabis program next month, when patients will be able to access edibles starting Aug. 1.
The change was approved last year, when the Minnesota Department of Health (MDH) announced that cannabis edibles and flower would be made available to the state’s patient base.
RELATED: Minnesota to Add Infused Edibles to Medical Cannabis Program
Minnesota’s dispensaries began selling flower March 1 as part of the rule change.
To access new product formats, such as flower and edibles, patients enrolled in Minnesota’s medical cannabis program must have a consultation with their dispensary, according to a local KSTP report, and patients are encouraged to set up an appointment ahead of Aug. 1 if they are interested in edible products.
Texas Agriculture Commissioner Sid Miller, a staunch Republican whose seat is up for election in November, came out in support of medical cannabis in a recent editorial, calling access to the plant a fundamental freedom.
Texas is one of 13 states where medical cannabis is not fully legalized without low-THC restrictions. Texas does have a program, but that program includes a 1% THC cap on medical cannabis—toeing the line with the legal definition of hemp, which is 0.3% THC or lower.
An eighth-generation farmer and rancher, Miller is currently serving his second four-year term as commissioner of the state’s Agriculture Department after previously serving 12 years in the Texas House of Representatives.
“In a free society, government should only make something illegal for a powerful reason or set of facts,” he wrote in a July 15 editorial. “The freedom of the people to make their own choices and decisions is a fundamental [principle] of a true democracy.”
Miller compared policies on cannabis to the prohibition of alcohol in the 1920s, writing that the drug war has fostered gangs, corruption and widespread violence against the lives and liberties of American citizens.
“As I look back, I believe that cannabis prohibition came from a place of fear, not from medical science or the analysis of social harm,” he wrote. “Sadly, the roots of this came from a history of racism, classism, and a large central government with an authoritarian desire to control others. It is as anti-American in its origins as could be imaginable.”
[DETROIT, MICHIGAN, July 11, 2022] – Redbud Roots Inc. is proud to support Wayne State University on the “Wayne State Warriors Marijuana Clinical Research Program,” a five-year study investigating the impact of cannabinoids on the behavioral health of veterans.
This Veteran Marijuana Research Grant (VMR) funded study via the State of Michigan’s Cannabis Regulatory Agency (CRA) supports two large-scale randomized controlled clinical trials over five years that will evaluate the efficacy of cannabis and cannabinoids for improving behavioral health in U.S. military veterans living in Michigan. This project focuses on the potential for improving symptoms of posttraumatic stress disorder (PTSD), which affects up to 31% of U.S. military veterans. Importantly, veterans living with PTSD are at increased risk of suicide and other poor outcomes, such as depression, substance use disorders, sleep disturbances, and even cardiovascular events (e.g., stroke). In the latest annual report from the U.S. Veterans Health Administration, a staggering average of 17.2 veterans died by suicide per day in 2019.
“We are overjoyed to be working with Wayne State on this study” says Alex Leonowicz, co-founder and COO of Redbud Roots, Inc. “Veterans deserve full legal access to medical cannabis and anything we can do to help change this conversation – we’ll put our weight behind.”
Although medical cannabis use is permitted in 38 states, cannabis remains federally illegal and many veterans fear losing their benefits if they are found to be using cannabis. Veterans need and deserve as many safe and efficacious treatment options as can be identified to manage the mental and physical toll that military service can cause.
This important and timely project will provide much-needed scientific understanding of the potential risks and/or therapeutic benefits of cannabis and cannabinoids. In addition, given that this project is centered at Wayne State University in Detroit, Michigan, it has the potential to benefit veterans living in Michigan now and in the future. The project is led by clinician-scientists and Wayne State University faculty, Drs. Leslie Lundahl and David Ledgerwood. To learn more about the project, visit www.warriorcare.net.
]]>Adult-use cannabis and medical cannabis are one in the same in Washington, D.C., since Mayor Muriel Bowser signed a law earlier this month to allow all adults 21 and older to self-prescribe medical cannabis and obtain a medical card with or without a doctor’s recommendation, and now the District is protecting workers who use cannabis legally.
Bowser signed the Cannabis Employment Protections and Amendment Act of 2022 into law July 13 to prohibit employers from firing workers for failed cannabis tests, as well as bar employers from firing or refusing to hire workers due to their use of medical or adult-use cannabis.
The law includes exemptions for employers acting under federal guidelines, as well as for employees who consume cannabis at work or while performing work-related duties. It also does not cover employees in “safety-sensitive” occupations, including police, security guards, construction workers, health care employees, those operating heavy machinery and those who work for power and gas companies.
The law also exempts employees of the federal government and D.C.’s courts, although other D.C. government employees are covered.
BEND, Ore., July 20, 2022 /PRNewswire/ --PRESS RELEASE-- Dutchie — the technology platform powering cannabis commerce — today announced the launch of Dutchie Pay, a fully-integrated digital payment solution that dispensaries and consumers can trust. Dutchie Pay is designed to reduce reliance on cash by providing dispensaries and consumers a convenient and secure way to pay. A closed-loop automatic clearing house (ACH) solution, Dutchie Pay allows consumers to purchase their favorite cannabis products online while automating compliance so that dispensaries can focus on growing their business.
"Cash creates too many safety risks and is inefficient. Our industry cannot meet its full potential without modern payment solutions available at scale," said Dutchie Chief Product Officer and Co-Founder Zach Lipson. "Dutchie exists to create safe and easy access to cannabis. Dutchie Pay advances our mission by integrating a simple and secure product that makes cannabis purchases safer, easier, and more accessible for dispensaries and consumers alike."
Approximately 90% of all dispensary transactions are handled in cash, creating inefficiencies with operations and added safety risks. Providing modern payment solutions is one of the biggest barriers remaining to normalizing the cannabis shopping experience and is essential for the industry to better compete with the illicit market and provide local and state governments with even more critical new tax revenues.
For dispensaries, Dutchie Pay fully integrates with Dutchie's ecommerce and point of sale (POS) solutions, providing businesses with a single-vendor advantage to help streamline operations. Dispensaries no longer need to rely on multiple software providers and with this level of integration, retailers can significantly reduce human error, maximize sales, serve more customers, and generate more revenue. Dutchie Pay is immediately available to Dutchie customers across the United States.
For consumers, Dutchie Pay is a one-click digital payment option for cannabis products online and for delivery via a direct ACH bank transfer. Increasingly, consumers expect cashless, frictionless payment options free of ATM and additional service fees. Dutchie Pay allows consumers to quickly connect their bank account and pay directly at checkout.
Dutchie Pay launched in alpha and beta testing in Q1 and Q2 2022, and is already providing customers with tremendous benefits, including: