Even though the federal government has taken steps away from the unilateral prohibition of marijuana, including the approval of several cannabis-derived drugs for pharmaceutical use and the legalization of hemp, marijuana remains a Schedule I substance on the Controlled Substances Act. The CSA declares that marijuana has a high potential for abuse and no acceptable medical use. This denotation has effectively chilled banking regulators, like the FDIC, putting banks in a difficult position regarding marijuana-related businesses.
WAYV and Hypur announced the launch of the first digital on December 11，compliant payments and ordering solution for the entire cannabis supply chain- Wayv Payments. The first-of-its-kind solution offers businesses new predictability, safety, and transparency with a “credit card like” transaction and next-day wire and ACH payments to reduce reliance on cash and move money digitally throughout the supply chain — the fastest and most reliable way.
“We are solving one of the largest problems facing the industry with the market’s fastest, most reliable, and safest way to pay and get paid.”
“We provide a turnkey solution that is the most efficient, least costly way to exchange capital and products throughout California.”WAYV CEO and Founder Keith McCarty
McCarty says this solution is compliant with all the regulations in the cannabis industry, including generating manifests for transportation.
The system’s API is designed to track a product from seed to sell — meaning, from the moment it’s planted to hitting a retailer’s shelf. McCarty says this process is often currently done by teams of people and can now be done automatically while eliminating mistakes.
The new solution and partnership provide fast, digital, and reliable payments from retailers to brands. Brands can now offer a line of credit to retailers that WAYV will auto-debit on the due date, ensuring prompt and predictable payments. Brands will now be able to receive digital payments from distributors – the fastest and most efficient way to get paid. Brands and retailers will enjoy zero payment fees for a limited time.
This solution is needed to help ease the burden on legal cannabis operators. Without something like this, McCarty says, illegal operators will continue to thrive in the heavily regulated industry. With Wayv, it helps reduce lost payments and products while abiding by the changing regulations.
WAYV is partnering with Hypur, the first and only compliant, transparent B2B and B2C payment platform for the cannabis industry. With Hypur’s expertise and product, WAYV has a partner equally committed to democratizing the cannabis industry. The new partnership will ensure more money moves digitally throughout the entire supply chain.
Customers are provided complete transparency through an easy-to-use dashboard that lets you know when your payments are due and when you will get paid. The new system allows for better payment terms by providing more options and default payment plans. Businesses can harness the power of WAYV’s distribution network to centralize functions like accounts payable and receivable with the new solution. Taxes and fees are computed automatically while ensuring 100% compliance — freeing businesses to do what they do best: more business.
“Together, we’re committed to giving cannabis companies the same chance that all other businesses have to thrive.”
“The industry at large has yet to experience the value and benefit of modern payment solutions and this is a revolutionary opportunity.”Hypur CEO and Founder Christopher E. Galvin
Banks will typically not work with a business associated with cannabis. While most jurisdictions allow some form of cannabis operation to legally operate, there remains the risk of federal prosecution on cannabis charges. This places banks in a no-win situation of either limiting their risk but eschewing possible business or accepting business from potential local partners but inviting the wrath of the federal government.
WAYV provides the supply chain with no existing financial infrastructure a turnkey solution to a network that is the most efficient way to exchange capital — and products — while maintaining 100% order accuracy and next-day delivery. WAYV serves more than 85 percent of licensed cannabis retailers, partners with more than 80 brands in California, and WAYV customers can immediately take advantage of the benefits of this new solution.
Right now, this product is only available in California, though the company built it in a way to easily scale it to other markets.
WAYV is the leading logistics and e-commerce platform helping cannabis brands and retailers solve their logistics, compliance and everything else needed to build your business. WAYV serves over 85% of licensed cannabis retailers in California, partners with over 80 brands, guarantees next-day delivery, provides digital payment and financing options, and real-time data for inventory and sales, providing new and valuable transparency into the cannabis supply chain.
Hypur established in 2014, Hypur is a payment, banking, and compliance technology for cash-intensive industries like cannabis, CBD, and money services businesses. With features such as Face ID, Touch ID, and auto check-in, the Hypur app dramatically improves the in-store payment process for both consumers and merchants. Hypur can also be used for order-ahead, delivery, online, and business-to-business transactions. Financial Institutions benefit from Hypur’s streamlined reporting and document management, facilitating compliance with local regulations.
Read more about Cannabis Bank:
- Legitimate Banks Are Starting to Work with Weed Companies, Despite Prohibition
- Congressional Funding Bill protects Cannabis banking and lets DC legalize marijuana sales
- Square quietly launches program for CBD cannabis company credit card processing
- House Approves Marijuana Banking Bill in Historic Vote