Digital payments service launched for California cannabis market
Wayv payments system will boost fledgling market for legal drug while complying with strict state laws
Wayv has launched a payments service said to be the first digital, compliant payment solution for the cannabis supply chain.
The move will reduce the fledgling industry’s reliance on cash by providing a credit-card like transaction to cannabis growers, distributors and consumers.
Wayv enables licensed cannabis companies to reach hundreds of licensed brands and receive reliable next-day delivery in California.
The payments system is compliant with California’s stringent laws, so companies can redirect capital from managing compliance. At present it is available only in California.
Last month the B2B cannabis e-commerce solution announced a $5m (£3.8m) seed funding round to allow it to strengthen its supply chain platform and hire critical resources.
Wayv Payments gives cannabis companies a line of credit, allowing them predictability over payments without payment fees. The solution provides customers with transparency around payments. The system will allow customers to see incoming and outgoing payments, as well as computing taxes and fees.