Square, the payment processing platform widely known for its ubiquitous card readers, is entering Canada\u2019s cannabis market. On Wednesday morning, the company announced a partnership with Jane Technologies, an online ordering service that allows customers to purchase marijuana for delivery or store pickup.<\/p>\n
In addition to its deal with Jane, Square is also opening an early access program for licensed dispensaries in Canada \u201cwhich allows authorized cannabis sellers in Ontario to begin testing the Square for Retail point of sale (POS) solution in stores ahead of being launched more widely,\u201d the company said in press release.<\/p>\n
Beyond accepting payments, Square\u2019s new offerings to cannabis clients include real-time inventory tracking across multiple store locations as well as compliance alerts if an order exceeds Canada\u2019s purchasing limits on marijuana products.<\/p>\n
\u201cWe\u2019re always looking to solve sellers\u2019 pain points and we know cannabis dispensaries have limited options when it comes to reliable and integrated commerce tools,\u201d said Roshan Jhunja, head of retail at Square, adding that sellers \u201care looking for an easy-to-use, fully integrated omnichannel solution to help them run their businesses in person and online.\u201d<\/p>\n
The entry<\/a> of a popular, mainstream payment processor and POS provider could put pressure on competitors already in the cannabis space. Many are relatively small compared to more traditional financial services and specialize in working with marijuana and other regulated businesses.<\/p>\n \u201cSquare\u2019s reputation as a leading global commerce platform speaks for itself,\u201d said<\/a> Socrates Rosenfeld, CEO of Jane Technologies. \u201cGiven our shared ethos of empowering brick-and-mortar retailers with best-in-class digital tools, the partnership with Jane developed naturally.\u201d<\/p>\n Jane says it powers more than 2,500 retailers and brands across 39 U.S. states and Canada.<\/p>\n In the United States, many cannabis companies are not able to accept card payments for marijuana purchases because marijuana remains federally illegal. Banks risk liability and possible legal penalties for servicing illegal businesses, which has led most to avoid working with the industry. The situation has led some companies to come up with questionable workarounds, such as the use of \u201ccashless ATMs\u201d<\/a> that miscode cannabis sales as simple cash withdrawals.<\/p>\n In Maryland, a state official who was discussing cannabis tax revenue said recently that \u201cin order to protect the banks, we can\u2019t even call this cannabis on the tax return.\u201d<\/a> The admission drew criticism from a prohibitionist group that accused Maryland of protecting \u201cbanks who are breaking federal law,\u201d<\/a> but both the state and its bank, Wells Fargo, have said the transactions complied with applicable laws and regulations.<\/p>\n A vote on congressional legislation to allow banks to work with cannabis businesses more easily<\/a> is set to be held next week. A coalition of 35 cannabis trade associations, drug policy reform groups and a top national labor union sent a letter on Tuesday calling on Congress to help address the \u201chumanitarian toll\u201d of robberies targeting cash-intensive marijuana businesses by passing the banking bill \u201cthis year.\u201d<\/a><\/p>\n Despite ongoing obstacles to banking marijuana businesses, Square has worked with CBD companies since 2019<\/a>. In May of that year, Square launched an invite-only pilot program to offer services CBD sellers<\/a> in May of that year, and the company expanded the program the following October.<\/p>\n After Latest Clinical Trial, MDMA Therapy For PTSD Is \u2018On Track\u2019 For FDA Consideration Next Year<\/a><\/p>\n<\/blockquote>\n\n Photo courtesy of Rick Proctor<\/a>.<\/em><\/p>\n The post Payment Processor Square Enters Canada\u2019s Marijuana Market Through Partnership With Online Sales Platform Jane<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n
Square, the payment processing platform widely known for its ubiquitous card readers, is entering Canada\u2019s cannabis market. On Wednesday morning, the company announced a partnership with Jane Technologies, an online ordering service that allows customers to purchase marijuana for delivery or store pickup. In addition to its deal with Jane,Continue Reading<\/a><\/span><\/p>\n","protected":false},"author":24,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1335],"tags":[],"_links":{"self":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/68694"}],"collection":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/comments?post=68694"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/68694\/revisions"}],"predecessor-version":[{"id":68695,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/68694\/revisions\/68695"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=68694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=68694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=68694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
\n
\nRead More: Payment Processor Square Enters Canada\u2019s Marijuana Market Through Partnership With Online Sales Platform Jane<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"