CanPay

CanPay sells payments for the state-regulated cannabis industry and other emerging markets, and its retailer page calls it the world's first debit payment solution for state-regulated cannabis retailers, a claim the company makes itself. It lists a Littleton, Colorado mailing address and says its payments team brings 15 years of industry experience. The site names Trulieve, Beyond Hello, AYR, Cookies, Theory Wellness and Parallel among brands that accept CanPay. It does not name executives or state a founding year; its copyright line begins in 2016.

Shoppers download the CanPay Mobile Debit App, verify a phone number, link a checking account and choose a PIN, then pay at the counter, online or in an app. CanPay says shoppers pay no convenience fee. CanPay Points rewards each purchase, and the site says more than $1 million in discounts has been awarded through points; a separate Merchant Rewards program lets retailers fund offers of their own. Behind the app, CanPay runs what it calls a Closed-Banking Feedback Loop. Only retailers with a compliant account at a CanPay-approved financial institution can join, and a merchant that loses that account also loses network access.

Retailers apply through the Retailers page, and CanPay lists Integrated Services partners for POS and e-commerce connections. Its pitch to stores is stability, transactions that post under the retailer's own business name, and what it calls a fair cost, but it does not publish merchant pricing. Banks and credit unions can join the network so their cannabis banking clients can accept CanPay. A public retailer list and store locator show where the app is accepted.