Emerging credit card network SuperNet has announced that it will launch a line of credit cards that can be used in cannabis dispensaries in the United States.
Currently, because cannabis is classified as a Title IV drug in the US, the country's banking industry refuses to provide services to any cannabis operation. As a result, most legal dispensaries are left with the challenge of managing and protecting large sums of cash.
SuperNet intends to put an end to this regulatory challenge by providing cannabis business owners and cannabis buyers with a simple cash-free transaction solution.
"It’s just like any other credit card in your wallet, except instead of a VISA or MasterCard logo, it’s a SuperNet logo. You can spend it anywhere Supernet is accepted," explained CEO Michael W.K. Tsang in an interview with TechCrunch.
Cannabis Credit Cards
SuperNet Plans to Launch Line of Credit Cards That Will Work in Dispensaries
Trend Themes
1. Cannabis Payment Solutions - Emerging solutions using credit cards that can be used in cannabis dispensaries to eliminate the challenge of managing and protecting large sums of cash.
2. Regulatory Compliance Solutions - New companies are entering the market with regulatory compliance solutions for financial institutions that wish to provide banking services to cannabis businesses, like SuperNet.
3. Cashless Transaction Solutions - Cash-free transaction solutions for cannabis business owners and cannabis buyers are being offered by emerging credit card networks like SuperNet.
Industry Implications
1. Fintech - Companies are emerging to provide financial technology solutions that comply with financial regulations for the cannabis industry and offer cashless transaction solutions.
2. Cannabis Industry - Legal dispensaries in the US are looking for innovative payment solutions that eliminate the challenge of managing and protecting large sums of cash.
3. Financial Services Industry - A new market is emerging in the US to offer banking services to cannabis businesses, such as credit card processing solutions, in light of regulatory compliance challenges.