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Dustin Eide is CEO at CanPay, a debit payment platform
The very point of sale for the cannabis industry. The CanPay payment network
launched in November 2016 and currently serves over
300 dispensaries and recreational shops across 19 states
while continuing to expand. "We're legitimately serving
the cannabis industry, and tens of thousands of consumers
who use our app no longer have to go to the bank before
visiting a dispensary and find transactions are quicker,"
Transparency is the he stated. "We only allow companies that operate within
FINCEN guidelines to accept CanPay. Our funds are not
new currency commingled, and transactions are traceable and trackable."

CannaTrac Technology Inc. deploys CannaCard, a HIPAA
compliant cashless payment platform designed to provide
By Dale S. Laszig consumers and merchants with ease of use and financial
institutions with transparency and due diligence to
he concept of transparency has been coming to satisfy regulatory requirements. Thomas Gavin IV, the
the fore in news, webinars and panel discussions company's CEO and vice chairman, recalled a visit to
across numerous business sectors, including a cannabis dispensary where transactions were being
T merchant services. I've asked industry leaders processed as tire sales. "Inaccurate or misleading receipts,
how to leverage this trend. Some see it as a core value; oth- where transactions are being charged as retail or ATM
ers say it's mostly aspirational, since achieving full trans- withdrawals, make it difficult for end-users and banks to
parency is a nearly impossible goal. get behind this market," he said.

Anand Inamdar calls transparency "the new currency Equipment leasing and finance industry
in the modern workplace." His Jan. 10, 2017, blog post
titled "Building a winning team with agile performance The $1 trillion equipment leasing and finance sector is
management," defines transparency as being clearly complex and evolving, as next-gen technologies transform
perceptible. Transparent managers instill trust and improve legacy systems into agile service offerings. The Equipment
team performance, he noted. "When there is a sense of trust Leasing and Finance Association created its 6 Principles of
between the manager and the team member, performance Fair Business Practices in 2006. Transparency is an integral
[review] discussions are more inclined towards making the part of these standards, which model industry best
process [a] win-win for everyone involved," he wrote. practices, as follows:

Cannabis industry ELFA members believe that all business agreements,
arrangements and transactions should be conducted
Transparency is mandated in the cannabis industry, with transparency with respect to the roles and
where participating merchants are deemed high risk responsibilities of all parties. Full disclosure in and
and have restricted access to traditional banking and clarity of transaction documentation is a key element of
merchant services channels. Fintechs are filling that gap such transparency.
with innovative processing systems that accommodate
disclosure requirements. In a panel discussion at the 2019 We believe that all member companies should conduct
Mobile Payments Conference, three leading cannabis their business relationships with suppliers and
service providers reviewed how next-gen payment customers in a fair and reasonable manner and should
solutions help address regulatory requirements and comply with the letter and spirit of applicable laws and
improve the customer experience. regulations.
We believe that all member companies should encourage,
Brianna Moriarty, partner development manager at Star to the extent reasonably practical, that all parties to
Micronics, pointed out that accurate reporting is a baseline a business agreement, arrangement or transaction
requirement for achieving and maintaining compliant (including members' customers and suppliers) operate
cannabis businesses. Star Micronics POS solutions help consistent with these Principles.
merchants simplify compliance by validating customers, We believe that it is incumbent upon members, and the
keeping transactions within state regulated limits, and Association on members' behalf, to promote education
providing compliant receipts and reporting, she stated. and awareness such that all parties to business
dealings consult, where necessary or appropriate, their
"For the industry as a whole, not having transparency in professional advisors.
payments makes it more difficult for banks to accept money,
comply with KYC and legitimize cannabis transactions," We believe that business transactions and related
she said. "Inaccurate receipts may also raise consumer activities should be conducted with integrity and the
concerns and increase chargeback risk." highest ethical standards.

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