Cannabis companies are digging deeper into Fintech
LeafLink dives deeper into the world of payments. This is an area that has confused the industry as the big banks and credit card companies will not work with the cannabis industry. LeafLink is best known for its wholesale cannabis platform, but has now expanded its payment package to include direct payments for customers in six states. LeafLink’s direct payment solution is now in Colorado, California, Arizona, Massachusetts, Ohio and Nevada.
LeafLink also noted that in addition to the Direct Payments offer, it is also launching a new digital onboarding journey for all users, which verifies and approves the company for LeafLink Payments in real time.
“Between direct and flexible payment solutions, LeafLink offers a range of holistic digital payments and purchase financing services that simplify the cannabis business,” said Ryan G. Smith, CEO and co-founder of LeafLink. “Our direct payment service provides cannabis operators with a seamless, simple and intuitive way to manage digital transactions. The LeafLink team is pleased to offer such a much-needed solution to our customers in six states and hopes to help more cannabis companies realize their growth goals in the future. ”
LeafLink ‘said that their Direct Payments solution addresses operational pain points experienced by buyers and sellers who rely on cash transactions, so that they can seamlessly send and receive ACH payments. For buyers, direct payments enable companies to efficiently manage cash flow by eliminating the uncertainty of sending and settling checks. Sellers, on the other hand, can leverage direct payments to digitize manual cash collections, reduce transaction costs, and speed up time-to-cash timelines. Free for all LeafLink customers until next year, the service allows brands and resellers to save time, secure payments and centralize the transaction process in the LeafLink platform.
“LeafLink is in a unique position because we solve for an industry that is very understaffed. No matter which side of the equation you are in in the B2B cannabis area, our goal is to accelerate your growth and effectively give you the resources you need. Part of being able to do that is to provide a seamless onboard experience for our customers, “said Harish Mukhami, Senior Vice President of Product for LeafLink.” I expect this will drastically change the way cannabis operators view digital payments, which have not been taken in use largely by industry due to the cumbersome and manual nature of getting started. We have solved this gap and reduced the friction completely so that customers can start shopping almost immediately. “
According to Crunchbase, LeafLink has raised a total of $ 379 million in funding over 7 rounds. Their last funding was raised on July 21, 2021 from a Series C round. LeafLink has a cash valuation in the range of $ 1B to $ 10B per July 21, 2021according to PrivCo.
Tailor-made financial
Tailored Financial also recently announced an integrated partnership with BLAZE Solutions, a leading cannabis technology company. The partnership establishes a built-in lending product that gives cannabis dealers access Tailoredits financing at the click of a button in BLAZE’s Dispensary POS software. The move will give dispensaries easy access to funds for supplier payments, the financing program will increase retailers’ ability to make timely payments that trickle down the supply chain, operate on a larger scale to increase profitability, and carry a range of brands to maintain a competitive advantage.
BLAZE said that their customers can sign up via POS to see qualifying options for Tailored‘s dispensary financing, which provides access to 60-day repayment terms on all vendor payments. Qualified resellers can finance purchase orders to suppliers seamlessly in the platform similar to a B2B purchase now, pay later. The ability to pay suppliers directly from the BLAZE platform via Tailored‘s financing will also minimize dispensaries’ dependence on cash transactions. Dispensary funding is currently in beta testing with a select group of operators and a broader launch will come later this year.
“Tailoredits team of fintech and cannabis experts provide working capital that helps companies increase purchasing power and accelerate profitability in a fast-growing industry, ”said BLAZE CEO Chris Violas. “In this significant time for cannabis technology, BLAZE is proud to offer the dispensary financing program and build advanced digital solutions that strengthen the cannabis supply chain.”
BLAZE’s customers can now sign up via POS to see qualifying options for Tailored‘s dispensary financing, which provides access to 60-day repayment terms on all vendor payments. Qualified resellers can finance purchase orders to suppliers seamlessly in the platform similar to a B2B purchase now, pay later. The ability to pay suppliers directly from the BLAZE platform via Tailored‘s financing will also minimize dispensaries’ dependence on cash transactions. Dispensary funding is currently in beta testing with a select group of operators and a broader launch will come later this year.
“BLAZE is the most prominent used POS in California, serving about a quarter of licensed cannabis retailers. Through this partnership, the new dispensary funding program expands our footprint to California and Massachusetts, two of the most established retail cannabis markets on each coast,” says BLAZE. George Mancheril, Founder and CEO of Tailored Financial. “This new forward-looking lending product combines available, scalable financing with an industry-leading POS platform.”
Post views:
126
