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Pay-by-bank retail payment network launches in Utah

Wednesday, October 30, 2024 — 14:07:40 (EDT)

LITTLETON, Colo., Oct. 30, 2024 /PRNewswire/ -- CanPay, the largest legitimate payment network for cannabis retailers and consumers, was recently named by the State of Utah's Division of Finance as an approved payment provider for pharmacies selling medical marijuana statewide. With the launch of its mobile payment platform in Utah, CanPay now serves more than 325,000 users at 1,150+ dispensaries across the United States.

CanPay's easy-to-use app allows consumers to pay cannabis retailers with a simple debit from their checking account using the Automated Clearing House (ACH) network. The CanPay platform enables consumer payments from more than 14,000 financial institutions. Merchants with a compliant bank account at a CanPay-approved financial institution may join the CanPay network quickly and easily. CanPay's payment solution is built for traditional retailers as well as emerging markets and businesses in highly regulated industries.

"Approval by the state of Utah is further evidence of CanPay's focus on compliance and due diligence when it comes to enabling payments on our platform," said Dustin Eide, CEO of CanPay. "Over the past eight years, we've worked hand-in-hand with dispensary owners nationwide, following legalization trends and examining every new state measure to ensure our customers feel informed and well-protected in the cannabis industry and beyond."

As part of CanPay's expansion, the company also reached a major milestone with long-time partner Curaleaf, a leading provider of consumer products in medical and recreational cannabis.

With the addition of its Utah-based dispensaries, CanPay now officially serves all of Curaleaf's stores in the U.S. Curaleaf customers traveling across the country can now enjoy the same payment experience at every location.

CanPay is accepted by 10 of the top 13 public company, multi-state operators (MSOs). The app's proprietary Purchase Power tool creates custom spending limits, with a maximum daily customer spending limit of $5,000. That's the highest advertised spending limit in the cannabis industry – and significantly higher than the amount of cash that a customer can withdraw from an ATM at one time. Last year, CanPay launched a first-of-its-kind rewards program for consumers to enjoy daily and after-purchase opportunities to win CanPay Points, which can be used to discount future purchases. To date, consumers have received more than $600,000 in CanPay Points.

About CanPay

CanPay, founded in 2016, is the largest multi-retail and ecommerce pay-by-bank payments network, seamlessly facilitating transactions between consumers' bank accounts and retail businesses. CanPay's easy-to-use payment solution is geared for traditional retailers as well as emerging markets and businesses in highly regulated industries. The CanPay team, with over 30 years of payments industry experience, set out to develop the most stable, reliable payment solution across retail sectors – one that saves both consumers and retailers money compared to traditional payment options, which rely on credit card networks that charge significant fees. CanPay's Purchase Power algorithm minimizes fraud, protecting retailers and consumers. The company continues to build its proprietary network of financial institutions, specialized technology providers, consumers and retailers – with the aim of making payments everywhere safe, simple, low-cost, transparent and even more rewarding. For more information, visit www.canpaydebit.com.

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Source: Company press release.