Company: CannaTrac Technology Inc.
CannaTrac, a cannabis industry solutions provider, launched CannaCard, a mobile app designed to provide consumers with a Starbucks-like experience. Users can transfer funds from their checking accounts and credit and debit cards; they can also make in-person cash transfers at participating cannabis dispensaries and retailers, company representatives stated. In addition to facilitating cashless transactions, the app displays product and service offerings.
"Cashless payments remove cash from the equation and provide consumers with a safe and easy way to support their favorite cannabis retailers," said CannaTrac CEO Thomas Gavin IV. "Consumers can shop, pay and earn rewards with CannaCard and the CannaCard app."
Noting that the U.S. cannabis market is expected to reach 24.1 billion by 2025, Gavin said CannaTrac is active in Colorado and plans near-term rollouts in other states.
Gavin additionally noted that CannaCard can be used as a standalone solution or integrated into retail environments, POS systems and vertical "seed to sale" interfaces. For example, he mentioned that the CannaCard platform is fully integrated in the Adilas POS platform.
"More than 900 cannabis-related businesses are using the Adilas system and can enroll in our value-added program by turning on the CannaCard payment option," Gavin said. "CannaCard's global API simplifies the integration process, making it as easy as possible for retailers and POS companies to adopt our cashless payment solution."
The N5 handheld POS terminal with chip card, magnetic strip card and NFC readers and thermal printer is also available. Edwin Sochacki, technical software development advisor and director at CannaTrac, said the device can be a good option for dispensaries and retailers that are locked into contracts with POS service providers and are having difficulty obtaining a POS system or want to add more card readers as they grow.
"Integrating with solution providers can be a lengthy process," Sochacki said. "This is a quick way for merchants to make a decision about accepting payments at retail locations."
Consumers can download the CannaCard mobile app in Google Play and the Apple Store. App users pay a nominal $0.95 fee to reload their CannaCards at participating dispensaries or directly through their online and mobile accounts.
Sochacki pointed out that CannaTrac has built a complete consumer experience into the app, with an advertising ecosystem and member and user offers that generate points based on the dollars they spend. "We can push out an offer to app users when they travel in a specific geo-zone," he said. "We'll send merchants that traffic and offer double points based on consumer spend."
CannaTrac representatives noted that the company has extensive experience in BSA and AML compliance, financial services, government affairs, and patient privacy. Noting that removing cash from retail merchants can reduce the risk of violent crimes, the company said public safety is one of its core values and a top priority.
CannaTrac stated that its software, technology and resources are designed to provide financial transparency to the cannabis industry. The company values its relationships with state and national financial institutions, local and state law enforcement, political leaders and citizens.
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